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Understanding Universal Life Insurance Policy

Universal life insurance policy not only provides the death benefit but is also a saving vehicle. This policy accumulates the tax-deferred savings and you need not pay the premiums for entire term of policy. To keep policy in force, you may not be required to pay the premium if money that is needed to pay as death benefit and other related costs is accumulated in tax-deferred savings portion of the policy.

Who Can Benefit From Universal Life Insurance Policy

It is a life insurance policy along with investment vehicle. Most of the people do not need life insurance when they in much later stage of their life. Universal life insurance policy is suitable for people who think that they will need life insurance when they are in their 70s. This way, there is enough time for savings portion to accumulate into investment. If you do not need life insurance that late, it is advisable to opt for term life insurance policy and simultaneously choose annuity or 401K for retirement investment savings.

But if you feel that universal life insurance policy is suitable for you, then there are some important points you must keep in mind. Since you need the policy in force for atleast 15 years to get any return on the policy, make sure that you plan long term policy. It is also advisable to review other available options such as whole life insurance or term life insurance. It is best to talk to your insurance agent and explore all the possibilities and your agent might be able to guide you the best option looking at your age, financial responsibilities, income and many other factors. You can then choose most suitable and affordable life insurance policy for yourself.

Where To Buy Universal Life Insurance Policy

To explore the options and learn about this policy, you can either talk to your insurance agent or do some research online. Make sure that your agent is not biased to sell you the policy of any one company. Internet is an unbiased media and you can check out various options available and at the same time, compare the premiums charged by different companies for same kind of coverage.

New York Life Insurance also offers universal life insurance policy and you can visit their website to find out more details. There is a simple form available on the internet, you can fill it up and submit to the company. The company will process your application and will send u the detailed email based on the information provided by you. You can get the online quotes from many other companies as well.