Also referred to as a “UL” policy, a Universal Life Insurance plan is a flexible form of permanent life insurance. It allows you to protect your loved ones and build tax-deferred cash value by paying additional money to a life insurance premium to “overfund the policy.” That additional money builds cash value, along with interest, that may be borrowed from or used to subsidize your life insurance policy cost in the future. You may also temporarily decrease your payments or occasionally skip a payment, as long as you repay any money taken from your cash value.
Policies Typically Offer:
Tax-deferred investment opportunity
Universal Life Insurance Can be Used For:
Lost income for mortgage costs and educational needs
Access to cash value for life's opportunities
Estate, special needs, and business planning
Types of Universal Life Insurance
Survivorship Universal Life Insurance - The death benefit is paid when the last person insured under the policy dies.
Joint Universal Life Insurance - The death benefit is paid when the first of the insured dies.
Take care of future generations with life insurance solutions from an agent who cares. Get the best universal life insurance in Knoxville by working with agent Chris Akers. Call The Akers Solution today to get started!