Are universal life insurance policies a good investment?
They can be, depending on your overall goal. In many cases, people just want simple and basic coverage at the lowest price possible. In that scenario, a universal life policy may not be the best choice.
Other people are open to having lifelong coverage with a forced savings plan, and they understand that a universal life policy may not be the least expensive way to go. Overall, it depends on what you’re looking for when it comes to life insurance.
How much does a universal life policy cost?
The cost of the insurance is like any other form of insurance — it depends on the policy and the insurance company. A general rule of thumb is that it costs more than term life insurance and less than whole life insurance.
What is the best way to buy?
While exclusive or captive agents (e.g., those at State Farm and Allstate) may sell universal life coverage, they can only offer you the product their company sells.
An independent agent, like one of our True Blue personal shoppers, does business with multiple companies.
That makes it possible for an independent agent to shop around and find the best price and the best underwriting for your unique situation. We’ll help you understand your options. This gives you more control over your life insurance.
Why would a universal policy not be a good choice?
These policies are not for everyone. Most people are quite satisfied with term life insurance and don’t need or want the lifelong coverage of a permanent policy.
It just depends on your long-term plan and what you want life insurance to do for you. It’s best to talk with an experienced professional to determine whether a universal policy is a good fit for you.
When is the best time to buy?
As with any life insurance policy, the younger you are when you apply for coverage, the better. Your risk of death is lower, and you’re less likely to have a medical condition that would put you in a lower health rating class — which could negatively affect your overall premiums.
Where is the best place to buy?
Your best option is through an independent agency like True Blue. An independent agent can act as your personal shopper, checking with dozens of insurance companies and providing you with multiple options that could work well for you. Independent agents know the intricate details of different insurance companies’ underwriting requirements and can ensure that you get covered by a company that’s right for you.