Permanent insurance, including Whole Life Insurance, Universal Life Insurance and Variable Universal Life Insurance, can provide protection for your clients’ entire lifetime, or in certain instances up to a specific age—at which point they pay the policy owner the cash value. Permanent life insurance policies can build a cash value—money that your client can borrow against and in some instances, withdraw to help meet future goals, such as paying for a child’s college education.
Features of Universal Life
- Flexibility — Your client decides how much life insurance they need — and subject to certain requirements and limitations, they can adjust the death benefit and premium payments to fit their changing needs.
- Security — You help protect their loved ones against possible financial hardship in the event of the insured’s death.
- Tax-Free death benefit — Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary.
- Tax-Deferred account value growth — The policy’s account value earns interest at the carrier’s current interest rate — federal income tax deferred.
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