UNIVERSAL LIFE INSURANCE
Long-term protection with flexibility
If you just need long term protection without the need to accumulate cash value, universal life is a smart way to go. It’s a long term solution that gives you the ability to adjust your premiums and benefits when needed.
Get the most long term protection for your dollar.
People who choose Universal Life Insurance are typically looking to maximize their long term coverage and are less concerned with building cash value. They need a cost effective way to give their families the long-term financial security they deserve.
Consider Universal Life Insurance if you’re looking for:
- The most long term protection for your dollar. Protection for a longer period than typical term insurance.
- The ability to customize your protection upfront and make adjustments down the road.
- Get started now: Protection for now… Options for later.
What makes Universal Life different from other long term insurance policies?
Here are some factors to consider when comparing life insurance policies:
Guarantee vs. Adjustable: For some people, a guaranteed death benefit is the most important aspect of their policy. It means peace of mind for their loved ones and for them. For others, having the ability to adjust their policy, including premiums, is more important, even if it means the death benefit could fluctuate.
Your level of oversight: With some kinds of life insurance, you can purchase it, put it away, and simply pay your premiums as they come due. With Universal Life, you can make changes to your policy as desired including adjusting your premiums and coverage. All that flexibility can be very helpful if your circumstances change; however, it may require you to regularly monitor your policy to avoid any risks.
Is there more than one type of Universal Life policy?
Actually, there are several different kinds of Universal Life Insurance—each designed to meet a unique set of needs. Here’s a quick overview.
Universal Life
If you’re looking for budget friendly, long term protection with the ability to accumulate some cash value over time, our Universal Life might be for you. Some of our clients prefer this product because it allows them to customize the protection (including insurance amount, length of coverage, and premiums) to best meet their needs while also managing their costs.
Custom Guarantee
If you’re like our clients who value a guaranteed death benefit but don’t need to accumulate cash value, then Custom Universal Life Insurance Guarantee (Custom Guarantee) might work for you. You pay a set premium to maintain the coverage you need for as long as you choose.
Protection Up to Age 90
If you’re a business owner or someone who needs a significant amount of life insurance protection for a specific period of time (not lasting beyond age 90), Protection Up to Age 90 offers a cost effective alternative to permanent insurance. It allows people to get the level of protection they need (at least $1 million); the way they need it.
What if I want even more flexibility and value ?
In most cases, there are a variety of ways to increase your level of protection or customize your policy. Your Fidelity Mutual Financial Advisor will be happy to share with you all the add-ons, which are also known as riders, that are available with each policy. Best of all, many of the riders are free.
You also have the ability to choose how your death benefit is paid to your beneficiaries. You can choose to provide a level of the death benefit equal to the policy’s face amount or an increasing death benefit that is equal to the policy’s face amount at issue plus the cash value.
Death Benefit Option 1 provides a level death benefit that equals the face amount of your policy.
Death Benefit Option 2 provides a fluctuating death benefit that equals the face amount of your policy plus the policy’s cash value, so the total benefit amount is based – in part – on the potential growth of your policy.
Return of Premium Rider provides fluctuating death benefit that equals the face amount of your policy plus the adjusted total premiums you paid into your policy.