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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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All your Universal Life Insurance needs in one place.
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 Normal, IL.
Frequent Questions...
Universal life insurance in Normal, IL works by allowing the policyholder to gain access to cash value, allowing flexibility when setting premiums and benefit amounts, and creating a secure financial legacy for an uncertain future. The policyholder pays a monthly premium into an account that earns interest over time. The money in the account is then used to pay for any decrease in the death benefit as well as any increases in the policyholder's insurance premiums.
What are the main differences between universal life insurance quotes in Normal and whole life insurance?
Universal and Whole Life Insurance are both types of permanent life insurance which can provide financial protection for you and your loved ones. While both types can be a great asset for the policyholder, they each offer distinct features and benefits. In Normal, IL, Whole Life Insurance is designed to cover you your whole life, with a level, guaranteed premium rate and cash value that can grow over time. Universal Life Insurance provides coverage for your life, with the flexibility of adjustable premiums, death benefits, and cash value if you so choose.
Are there any riders or additional benefits I can add to my universal life insurance policy Normal?
Yes, there are riders and additional benefits you can add to your policy, many of which may be specific to Normal, IL. Depending on the type of policy you choose, you may be able to add a living benefit rider or a disability rider to supplement your policy. You may also be able to add an accelerated death benefit rider, which can provide additional money if you are diagnosed with a terminal illness. Doing research and talking to an insurance agent can help you find the right policy and riders unique to your individual needs.
With universal life insurance near Normal, can I increase or decrease my premium amount after the policy starts?
Yes, you can adjust your premium amount after your policy starts in Normal, IL. Depending on your policy, you may be able to increase or decrease the premium amount by contacting your insurance provider. Generally, increasing or decreasing the premium requires an adjustment of your coverage limits, or a change in the policyβs terms and conditions. You may need to provide proof of additional or reduced coverage if you adjust the premium. Review your policy carefully to see if increases or decreases are allowed and what paperwork is necessary before making any changes.
What investment options are available for the cash value component after my universal life insurance quote Normal?
In Normal, IL, there are a variety of investment options available for cash value components. Depending on the specific product, guarantees may range from fixed interest rates to bond indices and beyond. Local investment advisors, as well as financial planners in the region, can provide guidance on the specific investment options that best suit individual needs and circumstances. Furthermore, options such as variable or indexed universal life, whole life, and variable whole life insurance plans can be tailored to provide tax-deferred growth, asset protection and a variety of liquidity options.
In Normal, IL, the process for beneficiaries to claim a death benefit depends on the particular policy. Typically, in order to claim the benefit, the beneficiary will need to present a copy of the deceased's death certificate and a completed claims packet. After submission of the necessary documents, the insurance company will process the claim and then typically issue the benefit in the form of a check, direct deposit, or a Bank Draft, depending on the policy.
How does a withdrawal affect my death benefit and universal life insurance policies near Normal?
Depending on the type of death benefit you have, taking a withdrawal from your account in Normal, IL could have different effects. If you have a traditional life insurance policy, taking a withdrawal could reduce the total death benefit because withdrawals are made from your cash value, not the face amount of the policy. With a universal life policy, the death benefit may remain the same but, depending on the policy terms and the amount of the withdrawal, the policy's cash value may decrease. Your withdraw may also reduce or disqualify any bonuses or dividends paid on the policy.
Are there any penalties for surrendering the universal life insurance in Normal early?
Yes, there are potential penalties for surrendering a policy early in Normal, IL. Depending on the policy, there may be a surrender charge assessed when it's terminated prior to its maturity date. Moreover, policyholders may also ofbear a tax liability on any amount received that exceeds their total investment. Furthermore, if the policyholder surrenders the policy before it reaches its projection of break-even, they may not benefit from the full value of their investment. Therefore, it's important to consult with a professional to determine if surrendering the policy early is the best option.
What types of fees are associated with my Normal universal life insurance policy?
Universal life insurance policies have variable fees and costs associated with them; the amount of these fees will vary based on the policyholder's region. For example, in Normal, IL, a Universal Life Insurance policy may require policyholders to pay monthly primary insurance/mortality charges, policy administration fees, and rider charges depending on the policyholder's contract. Policyholders may also incur additional costs and fees for policy loans and withdrawals. It's important to review your policy contract and to consider all factors that could affect your costs before you sign up for a Universal Life Insurance policy.
How can I change the beneficiaries on my policy with my Normal universal life insurance company?
To change the beneficiaries on your policy in Normal, IL, you need to contact your insurance company and request a Beneficiary Change form. Upon completion, you can submit this form to your local Normal, IL office and an agent will be able to assist you in making the necessary changes. After the changes are made, it is important to review your policy documents to ensure that they are correctly reflecting the new beneficiaries. If a Beneficiary Change form is unavailable, your insurance company may also allow you to change beneficiaries by sending a certified letter with your request.
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