Universal life insurance is a type of permanent life insurance that is often referred to as “adjustable life insurance.” Like whole life insurance, universal life insurance covers the insured party for as long as they live, provided they continue paying their premiums. However, where universal life insurance differs is that it provides more flexibility in terms of premiums and coverage. While certain plans may have specific limitations, for the most part, a client with a universal life insurance policy has the freedom to increase or decrease the amount of their death benefit and pay their premiums at any time and in any amount they wish, so long as they’ve made their initial premium payment.

The Benefits of Universal Life Insurance

Clients who purchase universal life insurance coverage early on in their lives — such as in their 20s or 30s — will have the greatest opportunity to build financial assets through this type of insurance policy. Investing in a universal life insurance policy is an effective way for clients to build wealth while ensuring that they have solid life insurance coverage in place. While premiums for universal life insurance are typically higher than premiums for term life insurance or whole life insurance, the major advantage of a universal life insurance policy is that the investment component offers the potential for the policy to begin paying for itself, thereby relinquishing your clients from having to pay the premiums themselves.

Get Started Today

When you partner with MCC Brokerage, we’ll give you the information you need to help your clients make the coverage decision that is right for them and their families. To learn more about the term life insurance options that we offer, or to begin contracting with us, contact MCC Brokerage today