The advantages to Universal Life Coverage are the policy has the potential for cash value to earn more than the minimum interest rate. Also the premium amounts and death benefits are flexible. You may be able to change the amount of your payments or your death benefit after you buy the policy. You can also increase your coverage by paying larger premium but you will be required to answer health questions or get a physical to increase the benefits on your policy.

It is possible that the cash value could grow faster than is needed to pay the cost of insurance. In most cases the policy holder can choose how that money is used. Talk to your agent about the options that are available.

Your Universal Life Insurance policy has 2 death benefit options:

1. Level death benefits is equal to the policy’s face value

2. Increasing death benefit is equal to the policy’s face amount plus the policy’s account value. The premiums will be higher for option 2.

Read and understand your policy.

This insurance is a non-life insurance policy. A General Insurance includes automobile, homeowner, pet, creditors, public liability workers comp, and other insurance policies

A General Insurance policy provides payments depending on the loss from a particular financial event.

First lets discuss what a critical insurance policy is. This type of policy is a contract, invented by Dr. Barnard, that pays a lump sum cash payment to the policy owner if diagnosed with one of the critical illnesses listed on the policy and survives a min. number of days after discovery. These policies have recently gained popularity in the USA. In the U.K. they are commonly purchased with a whole life insurance policy. I am consider purchasing this type of policy for my aging father, who’s concerned about getting Alzheimer’s disease. So my advice to you is yes, but please contact your insurance agent in your area for the details.

Sylvie Dupree,
Retired Life Insurance Agent