Universal Life Insurance

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Benefits of Universal Life Insurance

Erie Life Insurance

1.      Universal Life Insurance is permanent and does not expire as long as premiums are paid.

2.      Universal Life Insurance builds cash value; which is an asset for the owner of the policy and may be used as a loan to yourself or future withdrawal to help with college costs, home improvements, medical bills, or other needs. The consequences of making a loan or withdrawal must be reviewed with an agent so that unwanted situations do not occur.

3.      Universal Life Insurance has a “flexible” premium.  You may opt to change or skip premium payments; however the consequences of changing premiums must be reviewed with your agent so that unwanted situations or surprises do not occur.

4.      Universal Life Insurance has a “flexible” death benefit.  At anytime in the future, you may elect to reduce your costs by permanently reducing the death benefit.

5.      Universal Life Insurance has a “flexible” interest rate; which fluctuates periodically.

6.      With “business” Universal Life Insurance, at the time of an employee’s retirement, the employer/owner can transfer the policy and cash value to employee as a retirement bonus.