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A lot of people go for whole life insurance because it’s adaptable and protects you throughout your life. Most concepts you’ve heard about whole life insurance are accurate, but there are a few differences. I’m gonna guide you through the five most common questions I get about whole life insurance, and I’ll throw in some insights from my insights.
What’s universal life insurance, you ask?
How does this premium flexibility thing work, you wonder?
What’s the deal with the cash value in universal life insurance?
Are there any tax things to watch out for?
Can I switch my universal life insurance to something else?
What’s universal life insurance, you ask?
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What’s the deal with the cash value in universal life insurance?
The cash amount is what accumulates over time and you can utilize it or take a loan against it. It grows free from taxes and you can use it for stuff like paying off debts or covering surprises. A lot of my clients think this is super handy for strategizing their finances for the long term.
Are there any tax things to watch out for?
You gotta know the tax stuff with this type of life insurance. It grows free from taxes, but if you withdraw it, you could be subject to taxation.
And usually, the money you get from life insurance proceeds are tax-free. I’ve helped a lot of people understand the tax details so they can maximize their benefits.
Can I switch my universal life insurance to something else?
Universal life coverage is adaptable, but if you want to convert it to another type, there might be some guidelines. Each insurer has their respective guidelines, so it’s a wise decision to consult an expert before you do anything. I’ve got considerable knowledge, so I can assist you in this procedure without issues.
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