Universal Life Insurance Uses From United of Omaha Life Insurance Company or Companion Life Insurance Company

Universal life insurance is a flexible insurance policy. This type of insurance can be used for a variety of financial goals and needs. Our licensed insurance agent can help you with which uses may fit your needs. To get started, here are some common ways that people use universal life insurance:

• Final expenses: A common use of life insurance. Beneficiaries use the money to help pay for funerals, burials and medical bills.
• Income replacement: Help your family by replacing your income after your death. The policy benefits help your family maintain their lifestyle.
• Estate planning: Universal life insurance policies can be used as estate planning tools. For example, they can be used to pass money on to your heirs.
• Charitable gift: Similar to estate planning - the insured may use their universal life insurance policy to pass money to a charity, foundation or other organization.
• Loans: Since universal life insurance policies accumulate cash value, you can use them for loans. You may borrow from the cash value to pay for expenses in your life, such as college education for a child.
• Withdrawals: May be possible to withdraw cash from your cash value.

Universal life has other uses - including in the business world - but these are some of the common consumer-oriented uses of the product. For more information on how flexible a universal life insurance product is, locate one of our licensed insurance agents.