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Universal
Life Insurance is a type of life insurance, but
differs from other life policies, as it allows the
policy owner to vary, with limits, the amount and timing
of premium payments and the death benefits. These
changes can be made while the policy is in effect.
Cash values are accumulated by crediting premium
payments and interest to a fund, from which deductions
are made for expenses and cost of insurance. The rates,
at which the interest is credited are declared by the
company or may be specific in the contract.
Like term insurance, Universal Life Insurance policies
usually have two sets of premiums - guaranteed maximum
premiums and current premiums. Current premiums may be
lower, but they can be changed by the insurance company
up to the maximum. They also include a minimum interest
guarantee. Because of its flexibility, a universal life
policy can also be structured to operate like term
insurance.
For help in deciding what type of insurance best meets
your goals and objectives please call us at 315-484-2249
to make an appointment with our Insurance Specialists.
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