Reader’s Question:

I received persuasions from friends to buy my own life insurance here in Memphis, Tennessee. Some said that universal life is greatly beneficial. Is this true? Who’ll benefit from universal life insurance?

Cielo

Memphis, TN

Hello Cielo,

Let me give you a thought or two, there in Memphis, TN. A universal life insurance is a permanent insurance, with premiums at flexible rates with cash value. It is not only insurance but also investment at the same time.

Term life insurance is for the death benefit, while term life insurance can divert to savings. Needless to say, the insured and the beneficiary benefit from universal life insurance. With term life, the insurance amount will only be given to the beneficiaries upon the insured’s death, it is the opposite as in universal life, where the insured also benefits from the amount invested.

With universal life, the accumulated cash amount can be used to pay the monthly premiums for the insurance, and in a given period of time, it can be withdrawn for other uses then returned to keep the investment and insurance. It is also very flexible as the policy holder can pay at pace with the current interest rate.

Allocation period for investment in universal life is up to 70 years, so you’ll be able to enjoy your investment and accumulated cash payments throughout after retirement.

Contact and sit down with a local insurer in Memphis, TN to help and guide you through your available options in availing this kind of insurance. You can also browse various company websites online and compare options and quotes.

Tags: cheap life insurance, term life insurance