Universal Life Insurance

Are you in the market for life insurance? If so, you may be wondering which type of life insurance product is right for you. There are a number of different types of life insurance out there, each with its own benefits and drawbacks. Determining which is right for you will depend on a number of factors, like your life insurance goals, your financial commitment to paying premiums on time, your timeline for making contributions, and many more.

To get started, it is a good idea to understand all the different types of life insurance products that are available to you. Below, we take an in-depth look at Universal Life Insurance products. Be sure to check out other types of policies, and discuss your options with a financial advisor, before making your final decision.

What is Universal Life Insurance?

Universal Life Insurance is a form of permanent life insurance. Unlike Term Life Insurance policies which last over the course of a predetermined period of time, permanent life insurance policies provide coverage over the course of your lifetime, granted you pay your premiums.

Permanent life insurance policies also provide policyholders with the opportunity to build cash value over time. This cash value can later be withdrawn or borrowed against*.

Importantly, Universal Life Insurance policies provide policyholders with a death benefit. This death benefit accrues over time with each premium paid on time. Upon the policyholder's passing, this death benefit will be paid out to beneficiaries named in the policy contract.

In contrast to other types of permanent life insurance, Universal Life Insurance can offer a bit more flexibility. For example, depending on your policy, you might be able to adjust your premiums and your death benefit over the course of your contract.

Types of Universal Life Insurance Policies

What are the Benefits of Universal Life Insurance?

The benefits of a Universal Life Insurance policy will vary depending on what type of Universal Life policy you choose. However, the following benefits may apply to your Universal Life policy:

• Death benefit that grows over time
• Lifelong coverage
• Opportunities to build cash value over time
• Opportunities to earn interest on cash value over time
• Some flexibility up front and over the course of your policy to adjust premiums and death benefit

Who Should Get a Universal Life Insurance Policy?

Universal Life policies is a life insurance option for individuals who want lifelong coverage. They might also be useful for individuals who have big savings goals or who would like to build up the policy's cash value for borrowing purposes.

Universal Life Insurance policies are also a good option for individuals who want a permanent form of life insurance but perhaps don't want to pay the higher premiums associated with Whole Life Insurance policies. However, Universal Life Insurance typically comes with higher premiums than non-permanent forms of life insurance, like Term Life policies.

How Do I Get Universal Life Insurance?

The first step toward purchasing a life insurance product is to speak an insurance professional and our agents at Corebridge Direct can directly assist you. A licensed agent will be able to assess your circumstances, your financial goals and potential commitments, to determine which type of Universal Life policy is right for you. If together you decide to pursue Universal Life Insurance, you can expect to take the following steps toward securing your life insurance policy:

• Figure out how much coverage you need
• Submit an application or request a quote
• Take a medical exam to assess general health
• Review final policy details with your agent
• Sign the contract and begin making premium payments

What are the Alternatives to Universal Life Insurance?

If you are interested in permanent life insurance policies, you can also consider Whole Life Insurance as an alternative to Universal Life Insurance. Other forms of life insurance include Term Life Insurance, which only offers coverage over a specified period of time.

Learn More About Life Insurance With Corebridge Direct

Corebridge Direct is committed to helping you choose the right financial products to suit your needs, speak with a licensed life insurance professional by calling 800-294-4544. Learn more about life insurance products, or get a free life insurance quote with us today.

*Loans and withdrawals may reduce policy death benefits. Please see your policy for more details