Universal life insurance is a much more flexible form of whole life insurance. If whole life insurance appeals to you, but you arent quite comfortable with certain aspects of it, universal life insurance may be ideal for you.
Take these tips into consideration when selecting a universal life insurance policy.
Determine your life insurance needs. Universal life insurance isnt the best form of life insurance for everyone. Some insurance experts recommend that only people who feel theyll need coverage until late in life (70s-80s) will fully benefit from universal life insurance. Study up on the policys benefits (such as the tax-deferred interest savings component) before determining if a universal life insurance policy is right for you.
Research the insurance company. Always do a bit of background work on an insurance company with which youre considering doing business. First, contact your states department of insurance to make sure the company is licensed to sell universal life insurance in your state. Next, check out the financial rating of the company (you can do this by searching independent research company databases). Finally, visit the Better Business...
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