What Is Universal Life Insurance?
Another common type of life insurance is universal life insurance. This is a type of permanent insurance, which means that the policy coverage will last your entire lifetime if you continue to play the monthly premiums. What makes universal life insurance so popular is the fact that the policy also holds a cash value component, which is separate from the death benefit that your family will get once you die.
The way it works is that each time you make a payment that goes toward the premium, a small portion of the funds will go toward the cost of insurance (what will get paid out with the death benefit) and the rest will now be part of the cash value that will increase at an annual interest rate. The extra funds can then be used in a variety of ways, including a savings for retirement.
Because there are so many different types of life insurance policies, people tend to get confused as to which one is best. Let Inter-Action LLC be your life insurance policy guide, helping you find exceptional and affordable coverage.
At Inter-Action LLC, we put our customers and their desires first. We are driven by your needs and want to ensure your financial future