Understanding Universal Life Insurance

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.

3 Benefits of Life Insurance in Iowa

As we age, it’s important to start thinking about preparing for our inevitable passing and how this will affect our loved ones in Altoona, IA. A life insurance policy is one of the best options you can take advantage of to ensure all is well after you die. With so many benefits to having a life insurance policy, we had a hard time narrowing it down to just three. But here they are, three benefits of life insurance, one of which you may not have thought of before. 

1. College Tuition

Did you ever consider that life insurance is a great way to cover college tuition costs? It’s true. After you’re gone, your life insurance policy can help cover the cost of your children’s or grandchildren’s college tuition. 

2. Burial Expenses

Taking care of burial expenses can get expensive quickly. There are so many factors to consider, like flowers, a casket, a venue, and more. Life insurance can help pay for all this…and more.

3. Peace of Mind

Life insurance is an investment in the future but also the present. While you’ll be making sure everyone is taken care of after you’re gone, you will benefit from this knowledge with unlimited peace of mind. No matter when the time comes, your life insurance policy will be ready to help make the financial transition of your loved ones that much smoother. 

Securing the future of your loved ones in Altoona, IA after you pass is a top priority. The team at Luke Peterson Insurance understands this. We help you purchase a life insurance policy that’s right for your family. If you’re looking for peace of mind knowing that everything will be ok after you’re gone, then call the team at Luke Peterson Insurance today to get started.