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Universal life insurance is one of the various types of insurance policies introduced by insurance providers. These policies are highly flexible and can be tailored to suit the needs of each policyholder. If you want a simple protection policy without a savings option like universal life, you can request for term life insurance quotes. In fact, if you request for an online quote, sometimes the entire application process can be completed online. 

Insurance companies introduced universal life insurance to overcome the drawbacks of both whole and term life insurance.  It was considered to be a flexible alternative to whole life insurance and was introduced in the US in the 1980s.  Both universal and whole life policies have a savings component that gives tax deferred cash to the policyholder.  Part of the insurance premium (usually 4% – 5%) is invested by the insurance company in money markets, bonds or mortgages.  The policyholder will not have a say in how the money is invested.

The policyholder can choose two ways in which the death benefit will be paid out. With one option, the death benefit will be paid through the policy’s cash value. As this value builds up, the premiums will get lower. With the next option, the cash value will be paid as it accumulates over time. The company will repay the face amount that was originally mentioned in the contract. The second option is slightly more expensive than the first. 

When you opt for a universal life insurance, you must first weigh the pros and cons:

• Pros
  • Flexible and tailored to individual needs
  • Policyholder can adjust premium payments depending on financial circumstances
  • No income tax for cash value growth and death benefits are tax-free
• Cons
  • If investments lose money, cash value can decrease or even be entirely lost in the worst case scenario
  • Sometimes bad investments will result in the policyholder having to pay higher premiums

Like all other types of insurance policies, universal life insurance too provides protection to family members and can be ideal investment option to consider during estate planning. 

Those who are shopping for affordable insurance plans must first begin with looking for cheap term life insurance quotes. This must be undergone if a person is looking for his first insurance policy or is seeking to renew his insurance policy with the view to reducing his premiums. Term life insurance is ideal for those starting off in life and can protect both families and businesses during vulnerable financial times.  A term insurance provides peace of mind. When the term is over, if a person so desires, he or she can opt for a permanent insurance if their financial circumstances have improved and they can afford. 

Getting an online quote will help you answer the question as to which company will give the cheapest rates.  Each insurance company will price their policies slightly differently.  While the basic policy will be the same, there can be small changes in terms or some add on packages, which will make the rates differ. So, comparing quotes is the best way to get cheap rates and this can be done easier on online sites.  What is more these sites give you free and instant term life insurance quotes, so you can request as many as you like without being under any compulsion to choose one company or the other. 

A critical factor with term insurance is the term you take the policy for. Most insurance experts say that if you have children, you must continue carrying a policy until your youngest child becomes an adult. This will enable you to provide protection when they are still your dependents. Hence, based on this, you can opt for a 10 – 15 year policy. Those who want some money for retirement can go in for a longer 20 – 25 year term. Since these terms are flexible, it is best to make a checklist of all your needs before fixing the term and the coverage amount.

Sometimes, people may change their term life to a permanent life plan if their finances become secure and they want an investment option.  Others will stick to a term insurance and make investment plans of their own.  Since there are so many options available, it is best to study them and then make an informed decision.

Article by David Livingston of EQuote. For more information on cheap life insurance and life insurance quote on line, visit his site today.

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