Life Made Simple: Universal Life Insurance | Allstate Insurance

Let’s say you want to provide financial security for your spouse or family when you die—whenever that might be Not your favorite topic I know, but hopefully, we can make an uneasy subject a little easier

If you know you want lifelong coverage, but still want some flexibility down the road, universal life insurance may be a good option Universal life insurance offers a universe of options It’s permanent life insurance designed to provide protection for the rest of your life while offering flexible payments and building cash value Like equity in a home, cash value can be borrowed or withdrawn if you ever need it Different types of Universal Life policies offer a variety of choice in how aggressive you want your cash value growth to be

Some policies offer greater potential cash value growth while others offer predictable returns Universal life typically costs more than term life insurance in the early years of the policy For example, meet Ryan and Michelle They’re in their mid-40s and have two kids in high school who are college bound Ryan wants to make sure his family is taken care of if he dies

In considering permanent insurance, Ryan is more aggressive—he likes to see faster cash accumulation and doesn’t mind a measure of risk Michelle, on the other hand, is more conservative—she prefers a slower, steady approach to growth and places the highest value on protection If Universal Life sounds like it might be for you, there are several important factors you should consider: First, do you want your death benefit guaranteed for life? Some Universal Life policies guarantee the amount of life insurance coverage you buy at the start of the policy will remain the same throughout your lifetime—as long as the planned premiums are paid This means that you’ll have coverage regardless of how your cash value performs Next, you’ll want to decide if you want predictable cash value returns or if you want to be more aggressive, like Ryan, there are different types of Universal Life that offer greater cash value growth potential, but they also involve more risk

And finally, there are options called riders that can provide extra benefits for you and your family, allowing you to customize your plan to include unique things like “living benefits”— Or, you can add additional temporary insurance on yourself, your spouse or another immediate family member Allstate agencies offers four different Universal Life Policies, ranging from predictable cash value growth and guaranteed benefits to higher returns and more options So there you have it Universal Life Insurance made simple Learn more today

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