Variable Universal Life Insurance: The Benefits of this Flexible Premium Plan
Variable universal life insurance is a type of life insurance whose face value varies according to the value of the dollar, the value of securities, or other equity products at the time payment is due. Variable universal life insurance offers flexible premiums combined with an adjustable life insurance policy. The policy holder can select the amount of premium he or she can pay, and the policy benefits are whatever that amount can purchase.
Or, you can change the amount of insurance and pay premiums accordingly. For many, this solves the problem of wanting to buy affordable term life insurance and investing the difference, because this type of policy allows you to do both. There is also another type of policy that combines the benefits of variable and universal insurance into one.
Variable universal life insurance is a combination of variable life and universal life insurance, under the same contract. The benefits your heirs receive vary based on the value of equity investments, and premiums and benefits are adjustable at your option. This is a very flexible type of insurance, as it allows you to invest, earn interest, and have death benefits available.
Variable universal life insurance and universal life insurance offer the benefits of whole life insurance and affordable term life insurance. They have a cash value and they offer you flexibility in the policy. According to your needs, you can change the value and death benefits of the policies. Variable universal life policies allow you to invest your money in mutual funds as you would like. For free quotes on any of these types of policies, please call Spectrum Direct at (800) 438-7343.
Contrasting Policies: Term Life Insurance
Term life insurance differs from variable and whole life insurance policies. Term life pays death benefits but has no cash value. It does not combine investments with insurance; it offers death benefits only. Common terms for this type of policy include one year, five years, 10 years, or until the policy holder reaches 70 years of age. At Spectrum Direct, we offer the most affordable life insurance options. Please contact us today for your free insurance quotes.
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