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VUL Life Insurance Is it Right for You Variable universal life VUL insurance is actually a form of life insurance but it builds a variable universal cash value instead of a fixed interest rate In a V UL the money value can be used in a broad range of separate financial accounts much like mutual funds and again the option of which of those accounts to use is completely up to the contract holder Basically its an investment vehicle Because it is very flexible VULs have become very popular among people who are planning on living for a long time A few good things about them include being taxfree and having access to a large amount of money if you should die The key to getting the best out of a V UL is to understand how they work Basically there are three parts to a V UL policy The first part is life coverage This will cover your death benefit and any other expenses you may incur during your life The second part is called universal coverage and this will pay out whatever premiums are left over from the life coverage portion You have two different options with V UL policies You can choose either one of these to be the primary policy This means you simply pay the premiums and the death benefit as well as whatever fees the company charges you best car insurance hawaii is called a guaranteed policy In this case you dont pay premiums but the death benefit will be paid out As you can imagine this is a better deal overall but you lose the ability to choose your own financial institution or company to receive your money In addition to these there are also two additional features of V ULs that are not often thought about The first of these is the ability to set up several accounts You can separate your money for your childrens college education savings for retirement etc Another feature is the ability to borrow against the policy without having to pay taxes on it Both of these policies are very flexible but they do have some restrictions For instance V UL policies cannot be used for mortgages The money can only be used for education expenses Also they cannot be used for preexisting medical conditions Because they cost so much money it is important that you carefully consider every aspect of V UL life insurance Make sure you understand what it covers and dont get any false leads Dont buy anything unless youre absolutely sure you know what youre getting yourself into These are great options and something people should look into Dont just take my word for it do some research on your own I would suggest finding V UL insurance policies online They are easy to find and do provide excellent information Good luck with your search I hope V UL life cover will give you and your loved ones the protection and security you deserve Youll find it affordable and useful Good luck V UL life insurance isnt the only kind available In fact there are several different types of these policies For example you could opt for a Term Life Insurance policy This one is generally less expensive than the other types However there are several other options that are available including Variable Life Whole Life and Universal Life policies What are the benefits of this type of policy First this is a renewable term life coverage You dont have to pay premiums year after year Instead you can change your coverage option at any time If you become injured you can simply change the policy and receive a new one at a lower premium Also your beneficiaries wont have to worry about making sure you have enough money to pay them off How do these policies work First you purchase a policy that will allow you to make monthly payments The company then pays your death benefit up until the policy expires Then the premiums go up and you have to pay more money until the policy expires How do you buy these Most companies will sell them directly through their website They will also provide you with an application to fill out online However if you want to purchase the policies from another company you can visit their office and speak to an agent who can help you Just be sure that you are dealing with a reputable company