Universal Life Insurance Florida
Reader’s Question:
I have encountered a person mentioning about investing in variable life insurance. Then I have another friend who received a proposal for variable universal insurance. Are the two the same in Florida concerning life insurance?
Cheska
Gainsville, FL
I’m sure that you have also been approached by life insurance agents in Florida because your friends have been contacted too. Anyway, to answer your question, both variable life insurance and variable universal life insurance are permanent life insurance that has the life coverage and the cash value. Meaning, you are not only paying for life insurance, you are also investing for cash which accumulates over a period of time. These are the main similarities of the two life insurance products.
The variable life insurance has cash value which is invested in stocks, bonds and mutual fund for money market. This seems attractive in a sense that these investments grow quickly and in large amount. I know you’ll agree that stocks and bonds are good investment when it is performing well. However, there’s a risk that these investment may not work well thus posing risk to your money. Once the investment is a failure, you would decrease the face amount of your life insurance together with the failed investment. However, there are policies of variable life insurance that guarantees death benefit within minimum level.
Variable universal life insurance has the same characteristics as the variable life insurance. What makes it different is that it has the features of the universal life insurance in premium payment. Just like universal life insurance, the variable universal life insurance is flexible in premium payment because it is dependent on the prevailing market interest rate. Such flexibility in premium is the only difference with the variable life insurance.
Life Insurance Dallas Texas, TX
Reader’s Question:
Is getting life insurance products worth the money? Why would I be needing to buy life insurance in Dallas, TX?
Drake
Dallas, TX
Hi Drake
Life insurance is important most especially if you have dependents who are depending on your income to survive in Dallas. Imagine what happens if you die and your dependents are left without sustenance. Besides its not just about their sustenance, its also about the cost of your funeral and burial. You can’t just leave your dependents to take care of those things without enough money. And how about the credits that you have, won’t the credit company go after your loved ones whom you left? This is one important consideration why you buy life insurance.
There are two options for you: term life insurance and permanent life insurance. The former type is purely life coverage. When you die, your beneficiaries will receive the death benefit within the term that the life insurance is enforced. If you don’t die within the term, you gain nothing. But at least, this type of life insurance is cheaper of the two types. And since this is popular and common, there are life insurance companies in Dallas who can give you still the lowest premium. All you have to do is get different quotes from life insurance providers in You should choose the lowest premium with your preferred face value and benefits.
If you don’t want pure life coverage, you can choose the second type which is the permanent life insurance. Variant of this type is universal life insurance, whole life insurance and variable life insurance. This type of life insurance has a cash value or others call cash savings. Meaning when you pay the premium, you are not only paying for life insurance but accumulating cash as well. In the future, you can withdraw or borrow the cash value for whatever reasons. In other words, this is life insurance plus investment.
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