Universal Life Insurance Company
Reader’s Question:
If I die, what can my family expect to receive from my universal life insurance policy when they file a claim here in Westminster Colorado CO?
Paul
Westminster Colorado CO
Your family is lucky to have someone like you who cares a lot about them, Liam. Your family should be informed that universal life insurance claims in Colorado and most places in the US are usually handled by the home office of the life insurance company. They will need to inform the company and fill out a request form. Leave them a copy of your insurance policy so that they don’t have a hard time filing the claim.
Normally, insurers are required to pay beneficiaries at least eight percent interest starting from the date of death so it is in their best interest to settle their claim immediately. Your beneficiaries will receive the amount specified in your universal life insurance policy, though the insurer may sometimes adjust this amount depending on specific provisions in your life insurance coverage, like if you have any outstanding loans against the cash value of your policy or if you have accrued dividends which can be added to the amount of the benefit.
Your family also has the option to either receive the bulk amount immediately, leave the proceeds with the company and let it earn interest until they are ready to claim it or convert the proceeds into monthly income, sort of like pension for them in your absence.
Why don’t you take a look at the different options available from insurance companies. Just type in your zip code to receive free universal life insurance policy quotes. This will give you a better idea of what kinds of benefits your family can receive from universal life insurance policy before you finally decide to purchase it.
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.
Universal Life Insurance Quotes Online
Reader’s Question:
I’ve heard of universal life insurance but am not sure what it is. It was just mentioned to me in passing the other night. I was intrigued since I only knew whole life insurance. What is universal life insurance and is it available in Fresno California ?
Landon
Fresno, CA
I am so glad Landon, that your interest was tickled enough for you to ask me this question. Who knows Landon, it may turn out to be one of the best information you’ll appreciate over time.
Universal life insurance is quite new, so you are correct in saying that there was only whole life insurance before. But universal life insurance still follow the same guiding principles of life insurance. You still get to deposit a certain amount of money, and your named beneficiary will get the death benefits after your demise.
Another similarity that universal life insurance has to whole life insurance is that it generates tax-deferred cash value but at the same time, this is where they have their distinction. Cash value and dividends made from universal life insurance are unpredictable but can be pleasantly so. Universal life cash value and dividends vary over time, and can be very high or low, depending on the performance of the stock the funds are invested on.
If you feel this is your cup of tea and if it appeals to your sense of adventure, than by all means start searching for your universal life insurance by entering your zip code on the space provided at the top of this page.
After answering the questions, you will get free quotes from universal life insurance companies and you can start evaluating them. I would also recommend visiting some insurance offices just so you can ask all the questions that you may have on your mind.
Universal Life Insurance Quotes Online
Reader’s Question:
Is term life insurance coverage a good alternative to universal life insurance? A friend here in Montgomery is suggesting it.
Grace
Montgomery, AL
Hi Grace! It’s good to hear that you’re thinking of purchasing life insurance coverage. Someone once told me that the uncertainties are the only things we can expect for certain; hence, we need to always be prepared for any eventuality.
Term life insurance and universal life insurance are both life insurance policies but they differ in many ways. Firstly, term life insurance offers only temporary coverage. You specify the period you want it to be in effect and the insurance automatically expires after that period, whether or not a payout was necessary during that time. Quite differently for universal life insurance, coverage stays in effect unless it pays out or you fail to pay your premiums. Some insurers in Alabama even return dividends or additional income from your accumulated premiums. You can also usually access the cash value of your investment at any time after a certain grace period.
Now, whether or not a term life insurance is the better alternative to universal life insurance depends on individual needs. I suggest that you look at available policies by entering your zip code in the forms on this web site. You can then request for free quotes which you can compare. It will then be easier for you, Grace, to decide what type of insurance suits you best.
Instant Universal Life Insurance Quotes Online
Reader’s Question:
The internet is a very good tool for people like me who wants to search for so many topics. Lately, I came across whole life insurance and universal insurance in Pennsylvania. I have a hard time understanding the two products; please I need your good help.
Carry
Scranton, PA
It is a little bit confusing actually, if you’re not familiar with it.
Both whole life and universal life insurances in Scranton will be able to provide certainty on our death benefits. Also they are usually being paid monthly and these two insurances are both overages of permanent life insurance
For the permanent life product line the very basic among all is the whole life insurance. You are paying monthly premiums for this and part of those monthly premiums is being shell out to accumulate and become cash value which is tax free. The money that you are paying is being invested by the insurance company to other sectors and they will guarantee you with dividends. But there is a cons to this, the dividend is constant it will vary according to the economic situation. It also allows the policy holder to loan against the cash value. What’s good with this is that the premiums are constant all through out.
On the other hand the universal life insurance, mix up the term life insurance with the money market investment. This type of insurance does not give you any guarantee on the return of investment and more often the incentive goes down more often than the whole life insurance.
Carry, if you are planning to get one of these insurance products be very specific about your queries to your insurance agent . Ask about your worries and doubts, also about your expectations to the product that you are going top choose. You can also opt to do a little shopping for free life insurance quotes online using so many insurance websites like this one. Use any similar form like the one you see in this page for you to get routed to free quotes which you can compare in your area.
Life Insurance Quotes Online
Reader’s Question:
I have heard of the new life insurance product called the universal life insurance. What are the special features of universal life? Would it be available in Nebraska ?
Judith
Omaha, NE
Certainly, Judith, your insurer in Omaha will carry the universal life as part of the life insurance product line. Thank you for the question as it will give me an opportunity to explain the special features of the universal life insurance.
The closest life insurance to universal is whole life insurance. Both offer permanent protection, as well as tax-free cash values and competitive interest rates. Their biggest contrast is the payment of premium and in the calculation of death benefit. Whole life insurance is the more conventional kind of insurance where the owner pays a fixed monthly rate for a fixed death benefit package. Universal life is at the opposite end of the pole, in this case. Universal life lets the owner choose the amount and frequency of payments, just as long as the annual premium is completed. Consequently, coverage and death benefits can vary depending on your needs and cash value. You can also expand your coverage by paying a higher premium. Also, universal life can have several rider policies, dependent on your wishes. Ask your insurance company in Nebraska on the available riders that can be included in your universal life policy.
You can also try several combination’s or packages and get free quotes for them by entering your zip code on the space you find on this page. Universal life insurance will appeal to more daring investors, I guess. It has high risk components but with equally high yielding investments. Also, if you have an irregular income, universal life will be the ideal life insurance for you.
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