The universal life insurance policy is made up of term life insurance combined with a saving element.
The policy allows for flexibility in the amount of premium applied to saving and the amount applied to the purchase of life insurance protection.
The policyholder can, if he wills it, adjust the properties of his or her universal life insurance policy as seem fit.
He can increase or reduce the amount of insurance at any time. If s/he is increasing it, however, the life insurance company may require evidence of insure-ability.
This policy is so flexible the policy owner can increase or decrease the savings element at any time as well.
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Disadvantages Of The Universal Life Insurance Policy.
Waiver Of Premium Rider Can Add Value To Your Universal Life Policy.
The waiver of premium rider may be added to this policy, however, it usually is only applied to the portion of the premium that pays for the death benefit.
If the policy owner should become disabled the company will waive the premiums any time after six months of disability even if you are disabled for the rest of your life.
If ever you are able to go back to work again you start paying your premiums again, you don't owe the life insurance company any money for paying the premiums during your disability.
All in all the universal life insurance policy is one of the best alternatives to term life insurance if you can afford the extra premium.
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