|
|
| |
|
|
| |
| Featured Doctors |
| Coming Soon | |
| |
| Featured Training Institute |
| Coming Soon | |
| |
|
|
Best Time to Buy Universal Life Insurance
|
|
| |
| |
UL plans are unbundled, the various components of the plan such as insurance charges and earned interest can each be isolated and quantified. Consequently, they are much easier to understand and explain than traditional bundle permanent life insurance products. In this article, we will discuss when is the best time to buy universal life insurance.
In fact, family goes through many different phases over time. A UL policy can be the ideal life insurance product to accompany the family through this journey.
1. Marriage
Most people become aware of their insurance needs shortly after their marriage. A low-cost plan is often required since young couples seldom have large amounts of disposable income. The UL policy allow them to deposit more funds into their plan to fund their future needs.
2. Birth of children
As children are born parents wish to place additional coverage on their own lives. If parents wish to place insurance on the lives of the children, this can be done either in the form of a children term rider on the parent's plan or as a separate permanent UL plan for the children.
3. Buying a home
When the insured buys a house, they usually take on a mortgage. This translates into a temporary increase in insurance need. This need can be filled either via a term rider or additional base coverage.
4. Planned expenses
During the course of the life of the UL plan, the policyholder may need to access some of the funds accumulated in the policy.
5. Taxes and final expenses
Life insurance proceeds may be used to pay capital gains taxes and final expenses to ensure that estate assets pass directly to a couple's heirs. A last to die joint policy will enable this to happen.
|
| |
|
|
| |
|
