That's why it can be important to find a life insurance policy that can adapt to fit your needs throughout the years — like Universal Life Insurance.
Universal Life Insurance combines the lifelong protection of whole life insurance with the unique flexibility to increase or decrease your coverage amount (subject to approval by the life insurance provider). It's also perfect for those whose financial situation may change over time, as you can choose to pay a lower or higher amount for your policy.
Your life isn't a photograph that's frozen in time. It's constantly changing — and a Universal Life Insurance policy can change along with it.
Ready to get started? Get a free, instant life insurance quote using the tool at right. Or read on to learn why universal life insurance may be just what you need.
Similar to Whole Life Insurance, universal life insurance offers coverage for up to a lifetime, as long as premiums are paid. When you pass away, your loved ones will receive the "benefit amount" (the monetary value) from your Universal Life Insurance policy. That money can help your loved ones cover a number of expenses, including your funeral and any outstanding debts.
The average millennial household owes $14,800 in student loans, according to Time's assessment of the Federal Reserves "Survey of Consumer Finances."1 If you passed away, that debt could pass along to a parent or significant other who co-signed on your student loans.
Universal Life Insurance through AIG Direct is one way to help ensure that your life accomplishments — like a college degree — continue to be looked at as such, not as a financial burden on your family.
You may currently be single and do not have a need for much coverage. But look ahead 10 years and you might see a home filled with a loving spouse, a growing child or a beloved parent who needs your help financially. Universal Life Insurance through AIG Direct allows you to live in the moment without forgetting about the future. You can choose a benefit amount based on your current needs and then raise or lower it as life changes (based on approval from the life insurance provider).
It can also adapt to fit your budget, as you get to choose how much you want to pay for your policy (based on the options offered by your life insurance provider). It's important to note, however, that the amount and timing of your payments on a Universal Life Insurance policy can affect how long you can continue coverage.
The unique flexibility of a Universal Life Insurance policy separates it from other types of permanent life insurance, which typically have a set benefit and payment amount.
Universal life insurance comes with many of the same features as other types of permanent life insurance, including "cash value." With each payment you make toward your policy, a portion of it gets set aside for the future. Left alone, that money will continue to grow and can help to supplement a retirement fund. The federal income taxes are also deferred, so you don't have to pay them annually.2 Generally speaking, that means that your loved ones won't have to pay income taxes on the life insurance proceeds they receive either.
Our Universal Life Insurance policies are designed to help meet the life insurance needs and financial goals of many of our clients.
Maybe your goal is to ensure that your family doesn't have to shoulder the burden of your funeral costs. Or you might be looking for something that can help supplement your spouse's retirement fund.
Whatever your reason for seeking universal life insurance, we'd love to help.
> Request a free, instant Universal Life Insurance quote today.
Our satisfied customers can tell you more about our life insurance products than any advertising campaign ever could. Read reviews from real-life customers who have purchased Universal Life Insurance through AIG Direct.
The endorsements/testimonials presented should not be construed as a recommendation to purchase, or an indication of the value of any product or service. The testimonials are actual AIG Direct customers who are not affiliated with AIG Direct and were not provided compensation.
1. Renzulli, Kerri A., "This Is How Much Debt the Average American Has Now—at Every Age," Time, April 2018, Web, Accessed July 2018 (http://time.com/money/5233033/average-debt-every-age/)
2. Based on current federal income tax laws. Please consult a qualified tax advisor with questions.