Don't Let Ed McMahon Teach You about Universal Life Insurance
Learning about Universal Life Insurance
Whenever I heard the word "insurance" while growing up, I thought about Ed McMahon sitting in his den telling me how cheap it was for senior citizens to buy. Did you have a similar experience? Unfortunately, since I saw Ed on Star Search and the Johnny Carson Show, I had a hard time believing he was the best source for insurance information. Those commercials convinced me that whenever I really started to need insurance, I should be very worried about taking insurance advice from a smooth-talking old guy.
Now that I'm writing a weekly insurance column, I realize that smooth-talking old guy do exist, but so do a lot of reputable companies who sell policies online, on the phone, or across a desk. This week, I want to discuss a type of insurance policy that interests you: universal life insurance.
Universal Life Insurance Definition
Universal life insurance is much like a whole life insurance policy in that it includes a savings element that allows policyholders to earn interest on the savings created by paying regular insurance premiums. The main difference between a universal life insurance policy and a traditional whole life policy has to do with policy flexibility. In a typical universal life insurance plan, the death benefit, savings element, and monthly premium can be altered as people's situations change. If for instance, the interest rates on the savings element decrease, policyholders can choose to pay their premiums with earned interest.
Check Universal Life Insurance Rates and Quotes Online
If you really want to make an informed insurance purchase, you should do some research online. Today, there are a number of great insurance companies that offer free insurance rate quotes from their websites. Online shopping will also help you make universal life insurance comparisons between different universal life insurance companies. Armed with both policy terms and prices, you should be able to avoid the smooth-talking sheisters.