If you think life insurance should be purchased just for a death benefit, you’re only half right! "Universal life insurance" provides a death benefit with a cash-value fund, and is ideal for several "non-traditional" uses, such as:

Paying off a mortgage: By the end of the typical 30-year mortgage, the total payments you’ve made are probably double the amount you paid for the house when you bought it. Many homeowners are now using a universal life policy to accumulate the cash they need to pay off their mortgages an average of 10 years early, saving thousands of dollars in interest payments.

Saving for college: Parents of young children know that in order to have enough money to help with college costs, they need to be putting away an average of up to $300 each month! A universal life policy can be an excellent long-term funding vehicle, based on very competitive current interest rates.

Living benefits: While families learn to cope with the emotional costs of a loved one’s terminal illness, they are often unable to recover from the financial costs. A lifetime of savings can be wiped out in a shockingly short period of time, leaving families with a mountain of medical bills. Many life insurance policies are now offering "living benefits," which allow terminally ill insured individuals to claim a portion of their death benefits while they are still alive. This benefit can be a valuable source of funds at the most difficult of times.

The death benefit feature of a life insurance policy is unique, providing a benefit no other investment can match. But universal life policies can also help meet a variety of other needs. Let your insurance agent help you decide if universal life is the right choice for you.

Learn how easy and convenient shopping for life insurance can be. Get your free rate today before you get another year older!