Universal Life Insurance - Understanding What It Is

Universal life insurance is a permanent life insurance plan. ManuLife’s Innovision, Limited Pay UL and Security UL are examples. They combine permanent life insurance protection with the benefits of tax advantaged investing.

Universal life insurance protects your life. Your beneficiaries are covered when you are,  you can also build up extra money with a variety of options and features, and your policy is customized to your needs. You either pay a level cost of insurance that spreads over the cost of a chosen time period or a yearly cost that increases each year.

The two cost structures are level structure, which has an early slower growth of cash value and higher value in the later years, or the yearly increasing structure which has higher cash value early on with slower growth in the later years.

You can also choose the type of Death Benefit, with the two most common options being Level Face, which remains the same as long as you own your policy, or Face Plus, which includes the Face Amount (amount of insurance coverage) plus the value of your investments.

With your universal life policy, you can choose a number of riders or extra benefits. Some examples are the Wealth Enhancer, Protection Indexor, Child Protection Rider, Business Value Protector, Term Insurance Rider, and a policy expansion option.

If you’re healthy, you should also consider Manulife’s program HealthStyles, which offers further discounts on your insurance due to your good health, based on your tobacco use, cholesterol level, blood pressure, and family medical history.

Manulife’s Life Insurance offers you quality, permanent protection, and the opportunity for tax advantaged investing. Manulife offers 3 universal life policies.

Security UL provides a manageable life insurance with a small selection of quality investment choices, and allows you to expand your policy to take advantage of Innovision’s additional features and benefits.

Limited Pay UL is for people who wish to finish paying for their life insurance protection within a certain period of time, offering permanent coverage with guaranteed insurance costs and cash values, choice of payment periods and opportunities for tax-deferred growth.

Innovision is a market leader that provides quality insurance and a wide variety of investment styles, for example Managed Accounts and i-Watch.

Security UL and Innovision also offer a bonus which is an extra amount of interest for keeping your policy long term.

When it comes to Universal life insurance – there are options for everyone.

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