Cheap Universal Life Insurance Rates
Reader’s Question:
I just got a new job and my mom’s been bugging me to get universal life insurance. Can you tell me, what is the difference between universal life insurance and whole life insurance, anyway? Is it the same as variable life insurance here in Bloomington?
Vanessa
Bloomington, IN
You have a very practical mom, Vanessa. Nevertheless, I think it’s good that you’re exploring all your options and not just looking at universal life insurance per se.
Now, to answer your questions. Whole life insurance and universal life insurance both provide permanent insurance coverage; however, whole life insurance involves a level premium which guarantees you a certain death benefit amount as well as cash values while universal life insurance policies involve more flexible premiums as well as potential for higher benefits. There are three basic types of universal life insurance – the interest-sensitive traditional fixed universal life insurance, the equity-indexed life insurance and the fully flexible variable universal life insurance.
Most universal life insurance companies in Indiana would probably be able to offer you both types of life insurance as well as any of the three types of universal life insurance. You must be careful, though, because different insurers would have different policy costs, terms and conditions. It is advisable that you shop around for a bit before you commit or sign a contract. I suggest that you request for free universal life insurance quotes online from insurers in Indiana. To do this, type in your zip code in the forms on this page. Compare and contrast so that you can get the best deal. I hope I was able to help clear up things a bit for you, Vanessa.
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