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Variable Universal Life Insurance: Premiums
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There are several options of universal life insurance available for the policyholder, which can make it attractive to a variety of people. The policyholder can vary the amount of premium they pay by using part of earnings they have accumulated to cover part of the premium cost. Of course, this only can happen when the policyholder has accumulated enough to do this. Secondly, there is the option to vary the amount of death benefits that the beneficiaries are eligible for during the term of the policy. With both of these options... there are higher administration costs than there are for a straight forward universal life insurance policy.
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A variable universal policy—available today from agencies and agents with general securities licenses—combines the flexibility of a modern universal policy with the growth potential of the old variable life policy. VULs... are not suitable for seniors, nor for younger people who cannot afford a risk. They do need to be managed as there is still risk of loss of the accumulation value which would result in a need for increased premiums to maintain the face value of the policy. Many companies do guarantee a minimum death benefit as long as a certain premium is paid.
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Survivorship universal life insurance provides a policy in which two people are covered on one policy. The death benefit is paid upon the second death. The premiums for this joint life policy are significantly lower than a regular policy. Many people take this type of life insurance to help pay estate taxes after the deaths of both a husband and wife.
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Like universal life insurance, variable universal life insurance (VUL) combines pure death benefit coverage (like term insurance) with an accumulation value. In addition, it offers the upside potential of variable investment options. It is ... known for its flexibility in premium and death benefit.
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One of the greatest advantages of variable universal life insurance is the flexibility it allows. With such policies you can actually pay a one time hefty premium and skip paying the next premium. So if you know that in the coming month your expenses can increase you can pay for the premium right now for the coming months so that you are free of any worries.
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In addition to term life insurance protection, Matrix Direct ... offers universal life insurance plans designed to cover you for as long as you live. A universal life policy may be the right choice if you need long-term financial protection. As long as premiums are paid as requested by the policy, your beneficiary will receive the death benefit.
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