How to Find the Best Universal Life Insurance Quotes?
Find the most affordable universal life insurance rate quote and trick to evaluate universal life insurance policy benefit.
Universal life insurance is a sort of permanent life insurance that has both a cash value as well as a death benefit. There are many kinds of universal life insurance policies out there – like traditional or non-guaranteed universal life, variable universal life insurance, equity indexed universal life insurance and finally no-lapse or guaranteed universal life insurance. Universal life can be a single life or joint or survivorship policy. Originally this policy came into existing in early seventies. Universal policies are most difficult to understand and very tricky to own. If you get the right kind of universal life policy at the right age than this kind of policy can be most beneficial but most of the time if you are not getting no-lapse or guaranteed universal life insurance than you are getting into trouble. It’s not only to find the best and lowest universal life insurance rates quotes but what kind of universal life policy you are getting also very important.
Non-guaranteed universal life insurance policies (variable, indexed or traditional) rate quote illustration or presentation is very deceiving. The illustration will show the value at “current charges & expenses” and at the current rate of interest or maximum allowable rate or return making it very attractive. This illustration will also show you “Account Value” and “Surrender Value” giving you a false impression that you have higher cash value in the “Account Value” column. In reality you have what you can see in the “Surrender Value” column if you have to cancel the policy or to take a loan from the policy. So, any non-guaranteed universal life insurance chart or presentation is misleading and policy will not perform the way it shows in the presentation.
In short, if you are looking for lifelong life insurance protection and tax-deferred cash value accumulation – get the whole life insurance. If you are looking for lifelong protection but do not care about cash value accumulation then get the guaranteed universal life insurance. Finally, if you need life insurance protection for certain period of time then get the term life insurance.
Guaranteed universal life insurance gives guarantee of death benefit and premium. Guaranteed universal life insurance is a latest invention and can offer very attractive rates for right situation. In this kind of policy you are rest assured that as long as premium is paid on time your policy will be always there for you. In essence guaranteed universal life insurance is a term insurance without any expiration. Guaranteed universal life insurance is also best for joint or survivorship policy for estate tax or legacy planning purposes.
Non-guaranteed products are not easy to compare and there is no point in even comparing as there are many unknown variables. No way – you will know what the future policy expenses of the insurance company ABC versus insurance company XYZ. In guaranteed universal life insurance policy the rate comparison is as easy as term life insurance rates comparison. You are comparing for a given amount of life insurance in a certain health class. And see which company is giving you lower premium rates. We, at BeamaLife have developed our proprietary systems and technology to compare life insurance rates and various quotes for you. Please call (877) 972-3262 to speak with our highly trained life insurance specialist or complete universal life insurance quotes request from now.
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