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Florida Universal Life Insurance

Florida universal life insurance is permanent life insurance that lasts your entire life—into your 90s and beyond. It offers an investment savings element and flexibility when it comes to paying premiums. There’s also flexibility in choices for how the policy’s cash value is invested. A standard universal life insurance policy’s cash value grows according to the performance of the insurer’s portfolio.

Types of Universal Life Insurance

Indexed Universal Lifeflorida universal life insurance

Stock market indexes like the S&P 500, the Dow Jones Industrial Average, and NASDAQ measure how well the market is doing. For anyone with an indexed universal life insurance plan, the cash value is linked to one of those indexes. So when the market is doing well, the cash value goes up. The catch is – the rate will always be a little lower than the performance of the index – the insurance company vig. When the market isn’t doing well the value will drop. This impacts your premiums for better or worse.

Guaranteed Universal Life

This is the least risky universal life policy. With these policies, your premiums stay the same regardless of how well the index performs. Because the interest rates are set from the very beginning of the policy. They have a “no-lapse” guarantee, so as long as you pay your premiums, you’ll have coverage for the rest of your life.

The catch is since your premiums don’t adjust based on market performance, there’s very little cash value in it. That’s because this policy isn’t really designed to build cash because it’s trying to keep up with the cost of insurance.

Variable Universal Life

This policy lets you invest the cash value part into a mutual fund managed by a team of investment professionals. Your cash value makes up part of that pool, and it’s invested into lots of different companies at once.

Mutual funds are great investment vehicles because they diversify your risk. Life insurance is meant support your loved ones once you pass, not for investing. The fees take a bite out of your earnings.

 

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