Posts Tagged ‘Variable Universal Life Insurance’

There can be more than one purpose for buying a universal life insurance policy aside from just using it after one is deceased. A universal life insurance policy makes up part of some peoples financial portfolio.

To understand this type of coverage one would think in terms of standard term life coverage and a tax-deferred interest accumulating savings account, combined. The good news about a plan such as this is that after you have paid into it for a while there might not be any more premiums to be paid.

Universal Life Insurance Quote

Universal life insurance policies are a good option for those individuals that have a considerable amount of time to invest into type of vehicle. Those who have no interest in long term investments would probably be better suited with a standard term life insurance plan and an additional retirement savings option.

If one enjoys life past the age of 100, they will still be fully insured. Once the premiums are set forth, they can not ever increase under any conditions.

For those who seek insurance security for the rest of their life, this is the right choice. Some life insurance policies are permanent, this is one of them.

With a permanent policy, the insurance is designed to last as long as you pay the premiums. Universal life insurance is tallied by considering the insurance price bundled with the interest rate.

The distinction among universal life insurance and whole life insurance is whole life promises the cash value as well as the premium.

Visit a minimum of five quotes sites. Using a minimum of five quotes sites increase the chances that you would get better life insurance quotes. This is because offers not covered by one site will be covered by the other.

And, you should understand that because the likelihood of getting lower life insurance quotes is related to the number of quotes you get, the more companies you get quotes from, the higher your chances will be.

Getting your life insurance quotes online will help you save far more if you sacrifice around 25 minutes to obtain quotes from a minimum of five quotes sites.

Start saving a lot here: Shop Life Insurance Rate and Variable Life Insurance Quote. Chimezirim Odimba writes on insurance.

A lot of us have experienced talking to insurance agents. Most of these experiences are forgettable, since the common perception regarding insurance is a bit negative. Some say it’s just a waste of money. Others say it’s useless. However, a number of us understand its value. What could be the difference between the two points of view? I can discuss this based on my experience.

I am not totally in favour of life insurance ever since I started working. I got numerous calls from agents representing different companies trying to set appointments to explain their products. The moment they tell me their company, I always say ‘no’. My mindset is fixed. I do not need insurance. It’s morbid to talk about my own death at this early stage of my life. I will just buy when I grow older. My girlfriend has the same outlook. She even asks why get an insurance when you’ve already got an insurance in your company?

All of these changed when we attended a Financial Wellness Talk in our company. The speaker mentioned that before you even invest, life insurance should come first. This is what most of financially independent people do. They value the concept of protection, both for their lives and their wealth. Life insurance can be considered a need for those who have dependents, or at least for those who plan to have a family in the future. The earlier you start the better since the price tends to be cheaper when you are younger. But then again, the needs differ based on a person’s situation – financially, physically etc.

Reference: www.lincolninvestment.com

Having the ideas we got from the seminar, we explored some investment vehicles. We tried stocks, mutual funds, time deposits and even 5-6! But somewhat, we felt something was missing. What if something happens to us in the future, especially when we have kids? Just thinking of that situation made us restless. We did further research and came across a product generally called a Variable Universal Life Insurance (VUL). It’s an insurance + investment type of life insurance. The investment portion could generate funds for us at a later stage in our lives. This can be used as a retirement package, an educational plan, or a business capital in the long-term future since we plan to grow the funds for 15 or more years. This perfectly fits our requirements! The amount may not be enough, but definitely, it is better than not saving at all. The best part, we are started at an early age.

Days after the seminar, we called up the Sun Life Agents who happens to be the parents of our officemate in our previous company. We were presented different options. So we decided to limit our coverage to what we believe is adequate. We got a plan called Sun Flexilink, the VUL product of Sun Life and decided to go for a Balanced Fund (med-high risk).

The biggest factor in our decision on how much coverage to take is our budget. We do not want to fuse all of our investment in one basket, and we do not want to spend so much on insurance. We just thought of what we think is sufficient for future use, and how much we can allocate for that. In addition, we included benefits that can provide financial assistance in case we have serious illness. This is a great add-on benefit since you’ll be covered when you’re faced with a critical illness listed in the policy. We just felt the need to be prepared because after all, who knows when and who the unwelcome diseases like cancer wants to strike on. A year’s savings won’t be enough to cover the hospital bills. Even your healthcare coverage in the company is limited.

In summary, our needs for protection, funds for critical illness and other needs for future funds are addressed. These are the benefits of having the product we chose.

I am now a Sun Life agent, with the goal of helping people realize the need for financial wellness. If you want further explanation, feel free to drop your comments. I’ll try my best to assist you.