Getting your universal life insurance in Altoona, IA is vital because you will be covered as long as you pay the necessary premiums. Luke Peterson Insurance has encouraged family leaders to have a universal insurance policy and meet the essential requirements because this is one of the most critical insurance policies. Here are some of the significant benefits of universal life insurance.
You Have Flexibility with Premiums
In standard life insurance policies, you have to pay fixed premiums to continue to enjoy the associated benefits. However, in universal life insurance, you have flexibility in premiums, which means your financial status will determine the amount you want to pay without facing extra fines or discontinuation.
Your Cash Value Earns Interests
As highlighted above, universal life insurance has a cash value aspect, which is not commonly available in other types of life insurance policies. The cash value aspect that will be earning you some interest is suitable for your financial health because you will be getting a passive income.
You Can Adjust the Death Benefits
How much your beneficiaries will acquire is not a fixed value as well. You have an option to adjust everything, including your death benefits. However, if you adjust the death benefits upward, it is essential to highlight that you should be prepared to pay more premiums.
You Can Borrow Against Your Cash Value
Sometimes borrowing becomes very hard in the financial sector because lenders request that you must have collateral against your borrowing. In this case, you have the opportunity to use your cash value as collateral and get loans against it.
Understanding universal life insurance will always be a challenge to new buyers. However, in Altoona, IA, Luke Peterson Insurance helps borrowers understand universal life insurance and make sound decisions. Contact us today for more information.