Universal Life Insurance Hawaii HI
Reader’s Question:
I already have whole life insurance, but I still I want to add more. I’m confused if I should just get the same policy I have, so my face value will increase, or explore new insurance products that are spreading here in Hawaii. I heard about this Universal Life insurance. Can you explain this to me, please?
Lewis
Honolulu, HI
Lewis, you are correct in asking around first as it is our right to get our money’s worth. If you think you are satisfied with your current life insurance plan, well, I don’t think you are short-changing yourself. However, if you think you that there are superior products out there, then you’ll get no debate from me.
Usually, the newer products are improved versions of old ones. Universal life plans have just been around in the market recently. This type of life insurance will provide permanent coverage while at the same time give greater flexibility in the payment of life insurance premiums. Also, universal life insurance promises a higher internal rate of return. A universal insurance policy offers protection that is affordable (like what term life offers) except that it accumulates cash value like that of whole life insurance.
To sum it up, universal life insurance is almost the same with whole life plan except that premiums and cash value can be adjusted by the policy holder, where in a whole life, it is always fixed. Don’t forget to call your life insurance broker in Hawaii, so he can explain in detail the different types of universal life plans available for you.