Life insurance comes in a wide variety of options. Term life insurance is available and is one that many people choose just because it is less expensive, but universal life insurance or whole life can offer many more benefits if you are willing to pay the additional cost. Life insurance was created to take care of your loved ones if you pass away, but understanding more about the options can allow you to plan for your own eventualities as well.
A universal life insurance policy can be both permanent and flexible. Term life insurance decreases in value, but universal policies increase in value. As you pay your premiums, your whole life policy will grow in value due to interest. This can come in very helpful in the long run, as you can borrow against it if you need to.
If you pass away and have not borrowed against the policy, your beneficiaries will receive the value that is in the policy. This allows them to pay funeral expenses, living expenses, or other expenses that they need to deal with.
Universal life insurance offers you and your family a flexible insurance policy that will gain in value and that will take care of them in the event of your death. No one likes to consider their own death, but by preparing for it with life insurance, you will be able to at least take some of the financial pressure off of them.