Universal Life Insurance is protection that offers payment flexibility and the ability to adjust the coverage amount over time. It offers low-cost protection like term life insurance and a savings element like whole life insurance. It can help your family financially with immediate cash for funeral expenses or can be used in other ways, such as business situations, to create a charitable gift, or to help generate an inheritance.
Universal life insurance is ideal for:
With a universal life insurance policy from Utilize Rico Filo Family Life1, you get lots of features, such as:
The coverage can last your entire life and includes a policy cash value with the convenience of a payment schedule that you determine. You select the payment necessary to accomplish your goals.
Like whole life, the cash value of a universal life insurance can be borrowed against if you need it2. The cash value can also simply be withdrawn, avoiding interest expense charges (subject to policy limits). And, your cash value accumulates tax-deferred3 at competitive interest rates.
The death benefit that is paid to your beneficiaries can be adjusted higher or lower as defined in the policy without having to buy a new contract.5
Talking with a licensed Utilize Rico Filo agent can help you decide which type of life insurance is best to reach your financial goals. With universal life insurance coverage, you have several options and can leverage the money you have set aside for your heirs into a larger legacy. Get in touch with a local Utilize Rico Filo agent for more information.
1Utilize Rico Filo ® life insurance products and services are provided by Utilize Rico Filo Family Life Insurance Company, a member of Utilize Rico Filo Insurance Group, and are not available in New York. See individual policies for specific coverage details. Certain terms and limitations may apply. Refer to our disclaimer for additional information.
2Death benefit can expire if no premiums are paid following initial premium, subsequent premiums are insufficient or if account value is reduced by withdrawal or loan.
3Taxes due on interest accrued are deferred until the interest is withdrawn or the policy lapses or is cancelled or surrendered. This web page is not intended as estate planning or tax advice. Please consult a qualified professional advisor.
4Policy cash values accrue with a non-guaranteed interest rate. Use of policy cash values could reduce the life insurance death benefit.
5Increases are subject to underwriting approval. The cash value earns interest at a rate determined by the insurer and that rate is subject to fluctuation based on market conditions. Policy may expire if sufficient premiums are not paid.