Universal Life

This type of life insurance offers many variations for both death benefits and living benefits. The death benefits are normally guaranteed to a level amount and can be guaranteed up to age 121 years of age!! These policies can build huge cash values as well as increases in death benefits, depending on the clients wishes and company offerings. Many of these policies mature at specified ages such as age 66. At the specified age determined when the policy is purchased, they client has options of continuing coverage or accepting cash payments from the policy. Many clients view this as a way to fund a retirement and having life insurance in place during their active working lives.

Also, Universal Life policies are becoming a way to have life insurance for young parents and use the cash values to fund college for their children later on. There are companies in agreement with specific colleges that offer college funding credits for people that purchase Universal Life policies with college funding in mind. Parents can actually fund as much as 90% of a childs college by using this system.