CHARLOTTE, N.C., Dec. 3, 2010 /PRNewswire/ -- A universal life insurance plan can be an ideal way for someone to financially protect their family. Because every personal situation is unique, a potential policy holder should consider their specific needs, weigh various plan options and then determine which is best for them. Here are some considerations when evaluating a universal life insurance plan.
Life circumstances change frequently and life insurance should change along with these milestones. One advantage of a universal life insurance policy is that these plans are flexible and adjust to changing needs. These personal situations can include a job promotion, a marriage or the birth of a child.
This type of policy is more transparent than other options because it does not invest funds in the stock market. Plus, account values can be watched as they increase with earned interest or decrease when charges are deducted. There is also a cash value component, which grows on a tax-deferred basis and can be accessed nearly any time. This earns interest based on the company's current interest rate.
When considering universal life insurance, a potential holder should be aware of their greater personal responsibility. The policy holder is responsible for making coverage changes and must take on the investment and mortality risks. Rates vary depending on a person's sex, health, age and other factors. People must consider their long-term needs and weigh their options before choosing any type of plan.
UniversalLifeInsurance.net connects you to knowledgeable and experienced universal life insurance agents who can assist you in finding the right plan for your unique situation. Choosing the right coverage is an important decision. These qualified agents will help evaluate your specific needs and recommend plans that will fit these requirements. Simply visit the website to fill out the basic form. You will be on your way to protecting your loved ones.