Universal Life Insurance in Beverly, MA

How long does universal life insurance Beverly last?

Universal life insurance has no expiration date, so it can last as long as Beverly, MA residents need the coverage. What's different about this type of policy is that it accumulates cash value that can be used for payment premiums and withdrawal of funds if necessary. Some people chose universal life insurance as a retirement plan, taking advantage of its tax-deferred advantage and the fact that it provides life insurance benefits that can be used to help their families or dependents in their time of need.

How should I evaluate if universal life insurance quotes in Beverly fits my financial goals?

Evaluating if universal life insurance fits your financial goals in Beverly, MA depends on your individual needs and preferences. You should consider your family's future needs, the length of your coverage, your monthly budget, and any existing investments you may have. An experienced insurance agent in Beverly can help you assess your unique situation and determine if universal life insurance is the best fit for meeting your financial goals.

Can I get a universal life insurance policy Beverly if I have health issues?

Yes, you can get a policy even if you have health issues in Beverly, MA. As an independent insurance agency, we understand that people's needs can vary, and we want to ensure that you are able to obtain the best coverage possible for you. We're here to help you find the best coverage options, regardless of any health or preexisting conditions. Our knowledgeable staff is dedicated to finding the best policy from different insurance providers that meets your specific medical needs.

Can I alter the frequency of my premium payments with universal life insurance near Beverly?

Yes, Beverly, MA residents can alter the frequency of their premium payments. In fact, many providers offer flexible payment plans allowing customers to customize their payments so they can better suit their budget. Whether you’d like to pay your premiums weekly, monthly or in a one-time payment, many local providers are willing to accommodate you. You can contact your provider directly to get information on what options are available to you and what steps you need to take for setting up a custom payment plan. Additionally, you can always contact your local insurance broker for more details and assistance.

Is there a guaranteed minimum interest rate for the cash value of my universal life insurance quote Beverly?

No, there is no guaranteed minimum interest rate for the cash value in Beverly, MA. That said, there are typically a variety of investment options available, each providing varying levels of returns. For example, individuals may choose to invest in a Certificates of Deposit (CD) from a local bank in Beverly, MA, which often provide higher yields and rates of return than savings accounts. Before investing, individuals should always research what their best options are, and do their best to maximize their return.

Are death benefits taxable with Beverly universal life insurance companies?

In Beverly, MA, death benefits received by inheritors following the passing of an individual are generally considered taxable income. This is subject to change based on the nature of the benefits and how the individual holds them in their name. For example, if the death benefits arise from an insurance policy, the total received is usually tax-exempt, whereas if the proceeds come from an individual's 401(k) or retirement plan, certain allowances and/or credits may apply.

How does a withdrawal affect my death benefit and universal life insurance policies near Beverly?

Taking a withdrawal from your death benefit can have an impact on the amount that will be paid upon death. In Beverly, MA, if tax is due on the withdrawal, it will reduce the size of your death benefit. Withdrawals are also subject to fees, which can also affect the death benefit amount. Therefore, if Beverly residents are considering a withdrawal from their death benefit, it is recommended that they consult a financial advisor to assess how it might affect their policy and what is in their best interest.

Can I reinstate my universal life insurance in Beverly after it lapses?

Yes, it is possible to reinstate your policy in Beverly, MA after it lapses, provided the reinstatement request is within the allotted timeframe. At the same time, the insurance company may ask that you furnish proof of current coverage and could require an additional late payment penalty. It's a good idea to contact your local Beverly, MA agent for more details, as different companies have different procedures in place. In some cases, it might be easier and less expensive to simply start a new policy.

Are there penalties for excessive withdrawals from my Beverly universal life insurance policy?

Yes, there are penalties for excessive withdrawals for Beverly, MA residents. The Massachusetts Division of Banks explicitly states that customers must adhere to the terms of their account contract, which includes any withdrawal limits that were set either by the customer or the bank. For those who make more withdrawals than permitted, the bank may assess a fee to be paid by the customer. In addition, banks could also suspend or terminate accounts if there are too many unauthorized transactions.

How can I change the beneficiaries on my policy with my Beverly universal life insurance company?

To change the beneficiaries on your policy if you live in or near Beverly, MA, you should contact a local insurance advisor. A benefit of using a local insurance advisor – such as those near Beverly – is that they understand the specific regulations in the area and are well-versed in how to best help you make your desired changes. The advisor can explain the necessary legal filing requirements and checklists that you must complete to change the policy beneficiaries. Additionally, a local advisor can also review the policy to ensure that the legal changes you make work in your favor and align with the policy intent.