When reviewing life insurance options, one popular type of policy is a universal life insurance policy. Universal life insurance is a policy that maintains a value as you pay premiums on a monthly basis. The policies have the following benefits and features:
- Monthly premiums paid over time increase the account value. The account value will determine what benefit can be paid at a specific time. This allows some flexibility in determining the amount of insurance you need and premiums you can pay.
When completing an application for insurance, you will need to provide the insurance company with some basic information that will allow them to accurately rate you as a risk. The questions you will likely be asked concern the following areas, among others:
- Your vitals — including, age, gender, address, occupation and marital status.
With a universal life insurance policy, you can increase your premiums over time, allowing you a higher pay out in the event of a death. That makes the policy appealing to many people who expect their income to increase over time, as the policy flexibility allows you to keep the death benefits in line with your earnings.
Now that you have prepared yourself to get a quote, you need to locate an insurance company that writes universal live policies to get a quote.
- Visit a local agent. Contact the local agent and set up an appointment to discuss your life insurance needs. When making your appointment, take the time to explain to the agent what type of policy you are looking for so they can prepare appropriately for the appointment.
You should never have to pay for an insurance quote; most companies offer them free of charge. There is no downside to getting multiple quotes, making sure that you get the best deal that will protect you and your family.