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Video: Universal Life Insurance Made Simple

Published: October 2015

Video Transcript

Announcer (voiceover): Let's say you want to provide financial security for your spouse or family when you die-whenever that might be. Not your favorite topic I know, but hopefully, we can make an uneasy subject a little easier.

Announcer (voiceover): If you know you want lifelong coverage, but still want some flexibility down the road, universal life insurance may be a good option. Universal life insurance offers a universe of options.It's permanent life insurance designed to provide protection for the rest of your life while offering flexible payments and building cash value. Like equity in a home, cash value can be borrowed or withdrawn if you ever need it.

Announcer (voiceover): Different types of Universal Life policies offer a variety of choice in how much you pay and how aggressive you want your cash value growth to be. Some policies offer greater potential cash value growth while others offer predictable returns.

Announcer (voiceover): Universal life typically costs more than term life insurance in the early years of the policy. But as cash value grows, the amount you pay can be even lower than term insurance. That's because you can eventually use the cash value you've built to pay the policy premiums.

Announcer (voiceover): For example, meet Ryan and Michelle. They're in their mid-40s and have two kids in high school who are college bound. Ryan wants to make sure his family is taken care of if he dies. In considering permanent insurance, Ryan is more aggressive-he likes to see faster cash accumulation and doesn't mind a measure of risk. Michelle, on the other hand, is more conservative-she prefers a slower, steady approach to growth and places the highest value on protection.

Announcer (voiceover): If Universal Life sounds like it might be for you, there are several important factors you should consider:

Announcer (voiceover): First, do you want your death benefit guaranteed for life? Some Universal Life policies guarantee the amount of life insurance coverage you buy at the start of the policy will remain the same throughout your lifetime-as long as the planned premiums are paid. This means that you'll have coverage regardless of how your cash value performs.

Announcer (voiceover): Next, you'll want to decide if you want predictable cash value returns or higher potential cash value returns that may involve more risk. If you want to be more aggressive, like Ryan, there are different types of Universal Life that offer greater cash value growth potential, but they also involve more risk.

Announcer (voiceover): And finally, there are options called riders that can provide extra benefits for you and your family, allowing you to customize your plan to include unique things like "living benefits"-in case you get a chronic or critical illness and need your benefits sooner.  Or, you can add additional temporary insurance on yourself, your spouse or another immediate family member.

Announcer (voiceover):Allstate agencies offer four different Universal Life Policies, ranging from predictable cash value growth and guaranteed benefits to higher returns and more options.

Announcer (voiceover): So there ya have it. Universal Life Insurance made simple. Learn more today.

Life Insurance offered through Allstate Life Insurance Company, Northbrook, IL; Allstate Assurance Company, Northbrook, IL; Lincoln Benefit Life Company, Lincoln, NE and American Heritage Life Insurance Company, Jacksonville, FL. In New York, life insurance offered through Allstate Life Insurance Company of New York, Hauppauge, NY.

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