Universal life insurance is lower-cost, flexible, permanent life insurance that offers a savings element, which can be invested to build up cash value. As your life circumstances fluctuate, the premiums, savings component, and death benefits can be reviewed and changed. Our agent at Morin Associates LLC in Groton, Connecticut, can recommend a universal life insurance policy that works to protect your family and for your budget.
How Universal Life Insurance Works
Under the umbrella of permanent life insurance, universal life insurance provides more flexibility than whole life insurance. The insurance company breaks the premiums down into two categories: the cost of the insurance and the cash value, or savings component. As long as the cost of the insurance is covered to keep the policy in force, the premiums can be adjusted based on the policyholder’s needs over time.
Premiums over the minimum cost of the insurance accumulate as cash value. Those funds can be used to pay premiums. The policy is guaranteed for the entire term, as long as the minimum cost of the insurance is covered one way or another, through paid premiums or cash value.
The insurance company issuing the policy establishes an interest rate minimum. If the portfolio outperforms the minimum interest rate, excess earnings can be applied to the cash value. Policyholders can borrow against a portion of the cash value without affecting guaranteed death benefits and with no tax implications. Withdrawals can also be made but may incur tax liabilities.
Factors affecting the cost of universal life insurance include your age, health, weight, occupation, whether or not you smoke, and the policy itself. Our local agent at Morin Associates LLC can help you find the best value and coverage for your money.
Universal Life Insurance Agency Near Me in Connecticut
Morin Associates LLC is your premier choice for a universal life insurance agency in CT. We specialize in providing personalized insurance solutions tailored to meet the unique needs of our clients. If you’re searching for universal life insurance near you, look no further. Our team of experienced professionals is dedicated to helping you secure your financial future with comprehensive coverage plans that offer flexibility and peace of mind. We know the importance of finding a reliable universal life insurance agency near you. Our commitment to excellence and customer satisfaction sets us apart from the competition. We take time to understand your specific needs and goals, ensuring that we provide the most suitable insurance options available.
Universal life insurance offers the dual benefits of lifetime coverage and the potential to build cash value over time. This makes it an ideal choice for individuals seeking long-term financial security and investment growth. Our agency in CT is equipped with the knowledge and expertise to guide you through the process, making it simple and stress-free to secure the coverage you need. We pride ourselves on our transparent approach, offering clear and concise information to help you make informed decisions about your insurance needs.
For those searching for a universal life insurance agency near me, Morin Associates LLC is the trusted name in CT. Our commitment to providing top-notch service and tailored insurance solutions ensures that you and your loved ones are well-protected. Contact us today to learn more about our universal life insurance options and how we can help you achieve your financial goals. Let Morin Associates LLC be your guide to a secure and prosperous future.