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[VIDEO] Universal Life Insurance. What is it?

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By Byron Udell | August 23, 2018

Universal Life insurance coverage is for your entire life and can be crazy flexible! Flexible premiums, adjustable death benefit, build cash value and lapse protection – crazy good stuff right?  Check out this super short video and learn more about how universal life might just be the perfect fit for your life.

Seriously short right? Now that you understand how universal life can protect your loved ones, check out our nifty calculator below and learn more about how much coverage you might need for your life.

Nifty Life Insurance Calculator

Our Life Insurance Calculator can help you get a rough idea of how much coverage you’ll need to make sure your family is okay financially when you die.

  • Annual income before tax: $

    Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.

  • % of income needed by dependents:  %

    Because you’ll be gone, presumably they won’t need as much as you’re currently earning.  Typically, 80% of your current income is a good place to start.

  • Your Age: years

    The younger you are, the more years of your income your family stands to lose when you die.

  • Number of years benefits are needed:  

    If you died tomorrow, how many years of income do you want to provide for your family?

  • Annual inflation rate (estimate):  %

    Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace.  Historically, inflation has averaged between 2% and 4%.

  • Annual interest rate (estimate):  %

    This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.

  • Based on the information you provided, you need about

    of life insurance to replace your income for the next years.

Now what? Call 800-496-9083 and we’ll help you figure out what kind of policy makes the most sense for your life situation.

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.