Universal life insurance is a type of product that falls under the category of permanent life insurance. Permanent life insurance is a category of coverage that lasts for the duration of the subscriber’s life, and this is typically reflected in the premiums paid. It provides a secure option, as it will not expire. 

You will choose a death benefit amount, which will also affect how much you pay monthly. Over time, you can accumulate a cash savings balance, and you may borrow against this if you encounter hardship. Money will typically be lent to you at an interest rate lower than most banks can offer. 

However, this must be paid back and subtracted from the death benefit if you pass away while a balance is outstanding. If you are young, this cash savings component can grow over time, giving you options should you face a difficult life circumstance.

It is not legally required in the Hope Hills, NC area to purchase life insurance, but it is voluntary. Your Cross Creek Insurance representative can discuss this product in greater detail. 

Universal life insurance allows you to adjust your premium if you need to increase or decrease it. You can also defer making payments if you have enough cash savings. The death benefit amount is also flexible and can be adjusted, and your account must be in good standing when you die to be valid. 

We Can Help You with Life Insurance

We at Cross Creek Insurance can help you obtain the life insurance package you need to suit your needs. Contact us for more information; we serve those in the Hope Hills, NC area.