Life is uncertain and we never know when we have to face death. When it happens, it is an extremely depressing phase for the dear ones of the departed. Apart from grief, it may also bring along financial distress. Nobody wants their dependents to face any kind of financial crisis after their death. Therefore, to face such uncertainties of life, it is important to stay prepared, both emotionally and financially.
Anyone who wants to be at ease regarding their family’s future can buy a comprehensive life insurance policy. In order to select a suitable policy, you can get the help of a credible insurance provider. Though there are various types of life insurance, most people opt for Universal life insurance. That is because it provides more benefits to the policy holders than other types of insurance policies.
Permanent life insurance is of two types, i.e. universal life insurance and whole life insurance. Most people prefer to buy Universal life in Indonesia as it offers great flexibility for altering premium payments and benefits.
What is Universal life insurance?
Universal Life is a type of permanent life insurance, also known as ‘adjustable life insurance’. The reason behind the name is its flexible nature as policy holders have the liberty to increase or decrease their death benefit and also to pay their premiums at any time and in any amount (subject to certain limits), after the first premium payment has been made. Under universal life insurance, you can increase the face value of your insurance coverage after a qualifying medical examination.
Similarly, you can decrease your coverage to a minimum amount without surrendering your policy. In this case, surrender charges may be applied against the cash value of your policy. Due to the flexibility in altering the amount and timing of premium payments, you can have a better control over your funds. Additionally, there is another benefit of buying universal life insurance policy; your insurance company discloses the entire cost of insurance to you, giving you a clear idea about the overall cost.
A Word of Advice
Before you buy any type of life insurance policy, it is important to consider your family’s needs. This will make the task of choosing a life insurance policy easier for you. If you are in search of a policy that can provide lifetime coverage with additional benefits and felicity, universal life insurance is an ideal option.