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Universal life insurance combines permanent life insurance protection with flexible investment options, customized to your financial needs. Depending on the universal life insurance product you’ve chosen, you may have a number of investment options that can allow for tax sheltered growth of your money.
Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. The cost of life insurance is fully guaranteed while the premium deposits can change from year to year or be skipped altogether while the policy remains in force. Also, the insurance cost can either increase annually or level to age 100. With Universal Life Insurance, you choose the size of premium deposits (between minimum and maximum) and the payment period based on an assumed rate of return.
The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer, but has a contractual minimum rate (often 1%).
We will find the best Universal Life Insurance Carrier for your specific situation providing a policy that generates the maximum value for your premium dollar. At the same time, you have peace of mind knowing that your business and family’s future is protected by insurance.
© Scrivens Insurance and Investment Solutions 2017
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