Universal life insurance is different from term life insurance is that the policy is restricted to a certain length of time. Universal life insurance offers permanent coverage and is one of the best choices for someone looking for a guaranteed death benefit.
Universal life insurance offers financial protection for your beneficiary in the event of your passing. It has a cash value component, which can grow with interest. If you have an emergency financial situation and need to withdraw a portion of your life insurance policy, that is possible.
One of the most defining characteristics of universal life insurance is that it offers some flexibility within the policy. In the event that you’re unable to pay the premium amount one month, you may be able to use the cash value you’ve accumulated to cover that cost. This process can vary between policies, so make note of how yours works and any stipulations that your insurance agency has. The ability to modify your premium temporarily can be useful in a number of situations and provide financial relief.
Premiums aren’t the only thing that allows for some flexibility, as the death benefit of a universal life insurance policy can also be adjusted. If you feel the need to increase or decrease the death benefit, that’s entirely possible. Keep in mind that a change in the death benefit will also mean a change in the premiums you’ll need to pay. A higher death benefit will increase your premium, while decreasing the amount paid upon death can lower the amount you owe each month.
Universal life insurance is an excellent way to provide for your loved ones and make sure they’ll be compensated in the event of your death. Its ability for policy modification makes it an excellent option for most, as your policy can change with your financial situation. Keep in mind that modifying your policy is a serious decision and lowering the death benefit amount should not be your first resort.
Similar to Part B, Medicare Part D’s cost is based on the beneficiary’s income. Most of the time the cost of premiums can also be affected by which plan you decide to be on. With plans varying from state to state, it is possible that you may have more than 20 options to choose from. For anyone looking to stay on the lower-cost end, some plans can be as low as $10 to $15 a month in some states for the base premium. In addition to the base, you could be required to pay copays, a percentage of the cost of the drug, or deductibles on a plan.