Universal Life Insurance

about-2Universal Life insurance offers adjustable premiums that can give you the option to make higher premium payments when you have extra cash on hand, or lower ones when money is tight. Universal Life allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional Whole Life policy.

Like Whole Life, most Universal Life policies will also provide a guaranteed rate of return on your cash values, but it is also possible that you will not accumulate any cash value if certain circumstances occur, such as administrative expense increases, changing mortality assumptions, and insufficient premium payments.

Guarantee No-Lapse Universal Life is a more recent type of UL where you’re guaranteed that the policy won’t lapse even if the above factors come to pass. One of the most attractive things about a No-Lapse UL is that they provide lifelong coverage at rates that can be considerably lower than other forms of permanent insurance, making them an excellent vehicle for estate planning purposes.

One of the goals of proper estate planning is to reduce your federal estate tax liability, and your main concern is liquidity at death. When you die, you don’t want your heirs to have to hastily sell off assets in order to pay estate taxes. With a Guaranteed No-Lapse Universal Life policy, the death benefit is guaranteed for life, and you have the flexibility of adjusting your premiums, a valuable feature since estate tax rates and exclusion amounts keep changing from year to year.

Give us a call at 443-807-7311, or email us to discuss whether a whole life policy, a term policy, a universal life policy, or a combination is suitable for your particular situation. Or simply provide some information to help us to determine your needs: