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"I was totally lost trying to find the right Universal Life Insurance until I found PolicyHub. I was able to work with a licensed agent to compare all my options all at one. I got the perfect plan for me at a cheaper rate than I expected."
Barbara Winters
Policy Holder
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"I lost hope trying to find a Universal Life Insurance policy that wasn't insanely expensive. Thankfully PolicyHub helped me find the perfect policy that is affordable with high coverage. Thank you!"
Bill Barton
Policy Holder
PolicyHub is the smartest way to protect the people that matter most.
Safeguard Your Family
Universal Life Insurance means safeguarding your family in a worst-case scenario. Don't risk it.
Gain Peace of Mind
Far too many Americans are financially blindsided by the death of a loved one. But not your family.
Protect Your Business
Protect your business by ensuring a smooth transition of ownership with the right life insurance.
Beat Estate Taxes
Inheritance or estate taxes is burdensome for your heirs. A life insurance policy can help.
Invest in Your Future
For less than $1 per day, you can make a huge contribution to your family's financial safety.
Build Your Legacy
Through a life insurance policy, you can leave behind a legacy for your loved ones.
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Universal life insurance is a type of permanent life insurance that has an investment savings element and low premiums like term life insurance. It is often adjustable, allowing you to alter the amount of coverage you have or the premiums you pay throughout the life of the policy. Part of your premium goes into an investment account, which generates a cash value that you may borrow against or invest.
Traditional universal life insurance offers flexible premiums and death benefits with cash value growth based on a set minimum interest rate. Variable universal life insurance allows policyholders to invest their cash value into various investment options, similar to mutual funds, with potential for higher returns but increased risk.
Indexed universal life insurance ties the cash value's growth to a stock market index, typically featuring a floor to guard against negative returns and a cap on potential gains. Guaranteed universal life insurance focuses on providing a guaranteed death benefit for lifetime coverage, with less emphasis on cash value growth, often making it a more affordable lifelong insurance choice.
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Real PolicyHub testimonials...
"I knew I needed Universal Life Insurance but I didn't know where to go. I talked with a few other companies but the cost was outrageous. I found PolicyHub and found the perfect plan for me at an affordable cost."
Wendy Smith
Policy Holder
Get matched with a 5-Star Universal Life Insurance agent.
Roy Stephens
universal life insurance agent
Roy Stephens is a universal life insurance agent licensed in your state.
Mark Sidway
universal life insurance agent
Mark Sidway is a universal life insurance agent licensed in your state.
Cale Reeves
universal life insurance agent
Cale Reeves is a universal life insurance agent licensed in your state.
"I was searching for Universal Life Insurance but quickly found out that everyone was trying to sell me on policies I didn't need. Thankfully I found PolicyHub and get the cheapest rates and the right policy."
Nicole Nielson
Policy Holder
Introducing PolicyHub Price Match Guarantee
Our priority is to save you money while getting you the right coverage. If you find a lower rate for a similar policy anywhere else, we'll match it! With PolicyHub, you can rest assured knowing you're getting the best price for Universal Life Insurance in Eastlake, OH.
Frequent Questions...
Yes, universal life insurance is considered permanent life insurance. In Eastlake, OH, permanent life insurance serves several important purposes, including providing lifelong financial security, helping beneficiaries pay off debt, and helping provide for future generations. Universal life insurance policies have more benefits than traditional policies, as they tend to have flexible premiums, generate cash value, and may even provide a death benefit should the policyholder pass away. Additionally, universal life insurance policies are often thought of as being more customizable than other forms of permanent life insurance, allowing policyholders to tailor their coverage to their own specific needs.
What are the main differences between universal life insurance quotes in Eastlake and whole life insurance?
Whole life insurance offers a fixed premium policy that remains level throughout the policy's life, whereas universal life insurance has greater flexibility. Universal life allows individuals living in Eastlake, OH to adjust the premium, death benefit, and investment component based on their financial needs. Universal policies are typically bought for tax reasons while whole life policies are more focused on the investment side, along with its accompanying death benefit. Whole life carries guarantees of both the death benefit and the cash you may have accumulated.
How can the cash value in my universal life insurance policy Eastlake grow over time?
At Eastlake Insurance, we understand the importance of growing cash values in your life insurance policy. Our company offers a variety of options to fit policyholders' distinct needs. Our Flexible Premium Adjustable Life (Flex-a-Life) policy is a great choice for those wishing to grow their cash value over time. This policy allows you to put additional money into the policy and receive a guaranteed minimum cash value, while also providing some potential for growth.
Can I alter the frequency of my premium payments with universal life insurance near Eastlake?
At Eastlake, OH, we understand that your financial situation may change from time to time and as such we are usually able to accommodate frequency alterations to your premium payments. It's likely that variations can be made to the frequency of payments according to your requirements, but we always recommend you speak with one of our advisors to discuss the details and that you find a payment plan that works best for you and your current budget.
What investment options are available for the cash value component after my universal life insurance quote Eastlake?
In Eastlake, OH, there are many investment options available for the cash value component, such as stocks, bonds, mutual funds, annuities, real estate, and cash management accounts. Stocks and bonds are very popular and provide a potential for growth, while also allowing for the potential realization of both capital gains and income. Mutual funds and annuities provide the ability to diversify investments and also provide access to the potential for higher long-term rate of return.
Generally speaking, death benefits in Eastlake, OH may be subject to taxation. If the death benefits stand to a primary beneficiary, such as a spouse or child, and the total of the benefits is below the allowable threshold, the death benefits may not be taxable. However, if the total exceeds the threshold amount, tax may be due on the amount in excess. Ultimately, whether these death benefits are taxable or not will depend on various factors, including the value of the benefits being distributed and the type of beneficiary. It is always best to consult with a local tax professional to receive a final analysis.
How does a withdrawal affect my death benefit and universal life insurance policies near Eastlake?
Taking a withdrawal from your life insurance policy in Eastlake, OH can have a significant impact on your death benefit. Depending on the kind of policy, your beneficiary may receive significantly less or nothing at all if withdrawals were taken during the life of the policy. Additionally, the surrendering of a policy could result in the loss of coverage, meaning that no death benefit would be paid when the policyholder passes away.
Are there any penalties for surrendering the universal life insurance in Eastlake early?
If you surrender your policy early in Eastlake, OH, you may be subject to certain financial penalties as most policies require you to remain in it for a predetermined length of time. You should double-check the conditions of your policy to determine what penalties you may incur in the event of early surrender. There may be also additional fees and other charges such as surrender charges which depend on the status of your policy. As such, it is important to review your policy according to the terms stipulated to determine any associated penalties of early surrender.
What types of fees are associated with my Eastlake universal life insurance policy?
Premium payments for a universal life insurance policy in Eastlake, OH typically consist of both a fee for the policy, which includes administrative costs, and an expense charge to account for the mortality risk and other similar factors. Additionally, certain policies may cover riders such as long-term care coverage which could carry additional fees. All of these fees may vary depending on the plan and provider, so it is important to research your specific needs to determine the best deal.
Is it possible to merge or split a universal life insurance policy with the average Eastlake universal life insurance company?
Yes, it is possible to merge or split a universal life insurance policy in Eastlake, OH. It can be done using a 1035 Exchange, which is a tax-free exchange of policy cash value from an existing policy into a new life insurance policy. This allows policyholders to exchange their existing policy into a new policy and maintain their original death benefit and tax advantage from the original policy. An experienced licensed life insurance agent in Eastlake, OH can provide more information and help to determine the best route for the policyholder's individual situation.
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