Florida Universal Health Insurance
What is a universal life insurance policy? It is a type of permanent life insurance where a portion of the premiums paid to the insurance company accrues in interest and where you can accumulate cash value after a certain period of time.
The advantages of a universal life insurance policy is that the death benefit remains the same until age 100 or 120 depending on the insurance carrier and the premiums are level through out the years of the policy.
Another great advantage of a universal life insurance policy is that it protects your insurability. Because it is a type of permanent life insurance, you do not have to reapply for the same coverage unless you are increasing the death benefit. And as you may know, rates for life insurance are based on the applicant’s health status and age. Take a look at this example:
- A young male 30 years old that wants $200,000 of universal life coverage will costs him somewhere around $93.33 each month for the rest of his life. Even when he gets to age 69 he will pay the same premium
- A male 69 years old that wants $200,000 of universal life coverage will costs him somewhere around $686.66 each month for the rest of his life.
Why this huge difference?
The male that is 30 years old is at a low risk in comparison to a male 69 years old.
It is recommended to have in your insurance portfolio at least one universal life insurance policy, because when the other coverage expires, your universal policy will still be in effect and you will be paying the same premiums as when you started with the coverage.
Feel free to contact one of our specialists at Health Quotes 101 to assist you assessing your needs and help you to determine what coverage is right for you. You can call us at (888) 282-3650 or please fill out the adjacent form.
