Universal Life Insurance in Hialeah, Miami: A type of Permanent Life Insurance.
Universal Life Insurance allows you to choose the amount of coverage, the insurance monthly fee you will pay and the cash value you will accumulate.
If you make payments for insurance installments and do not withdraw or take a cash value loan, the interest rate earned on the cash value is not reduced.
The policy can continue in force until the date of maturity, which is generally when reaching the ages of 95 or 100 years. At the maturity date, the coverage ends and you receive the cash value.
Due to the flexible nature of this type of policy, check it annually to make sure it has not changed. If it has changed, adjust the policy to continue until the maturity date.
Some Universal Life Insurance pay a guaranteed rate of return. Others are variable universal life policies, whose value depends on the performance of the sub-accounts selected by the insured, which are invested in stocks, bonds and other investments.
A Universal Life Insurance will allow you to change the amount you pay in insurance monthly fees, death benefit or cash value at any time. Any adjustment you make will affect one or both of the other areas. For example, raising your insurance monthly fee will increase either your cash value or benefit because of death, or both.