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Universal Life Insurance Essentials

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Universal Life Insurance Essentials

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Explore Universal Life Insurance essentials.

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L A
L A
Philippines

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Universal Life Insurance Essentials
 

Universal Life Insurance EssentialsOnline version

Explore Universal Life Insurance essentials.

by L A
1

What is Universal Life Insurance?

Universal Life (UL) provides lifetime coverage with flexible premiums, face amount, and death benefit within IRS guidelines.

2

UL Premium Components

UL premiums consist of the Cost of Insurance (mortality), the investment amount, and expenses.

3

Flexible Premiums Overview

Policy owners can decide when and how much to pay, within the contract limits.

4

Premiums and Cash Value

If payments cover all components, the policy stays in force and cash value can grow tax-deferred.

5

Minimum Premium

Minimum premium covers current costs and leaves a very small cash value contribution.

6

Target Premium

Target premium funds cash value for several years, creating steady growth.

7

Maximum Premium

Maximum premium ensures costs are covered and cash value grows at the maximum rate.

8

Stopping Premium Payments

You can stop payments; future charges draw from the cash value bucket until depleted.

9

Cash Value and Goals

Flexibility helps meet financial goals, but the owner must avoid depleting the cash value.

10

UL Flexible Death Benefits

UL offers two options: Option A and Option B (or 1 and 2).

11

Option A / Option 1

Option A pays the current death benefit, minus loans, fees, or premiums, like traditional whole life.

12

Option B / Option 2

Option B pays the initial face amount plus the policy cash value at death; higher premiums may apply.

13

Flexible Face Amount

After about one year, the face amount can be adjusted with evidence of insurability for increases.

14

Cost of Insurance (Mortality)

Mortality charges rise with time, necessitating higher premiums to maintain coverage.
 
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