A universal life insurance quote is a proposed price for universal life insurance. When looking for any type of life insurance, an insurance broker will ask questions in order to find and give the consumer an appropriate quote. This quote is an estimate of the amount the holder will be paying. There are several factors that determine a life insurance quote. These factors include the health of the holder, the location, and the amount of coverage the holder desires.
Universal life insurance is a type of long-term life insurance that invests a part of the paid premiums. With this life insurance, there is typically a minimum amount of interest that is guaranteed to be paid into the holder’s account each month. The policy holder also has a certain amount of freedom to decide where his money will go. The downside of this policy is that the interest rate is variable. This can mean big payoffs when the rates are climbing and losses when the rate is falling.
Each month when the premiums are paid, some of the premium is credited to the holder’s account value. Interest is also credited into the account value. After the cost of the life insurance and any expenses are paid out, the remaining money is left in the policy holder’s account value. The holder is also able to adjust the proportions of money would like to put into his insurance or savings. This means that he can choose to either put more in savings or to put it into his insurance so his death benefits increase.
A universal life insurance quote, like all life insurance quotes, depends on many factors. Quotes may vary according to location, the height of the holder, or the weight of the holder. Insurance tends to get more expensive as the insured gets older, so age is also a factor. The amount of coverage the holder chooses will also affect the universal life insurance quote. This is also true of the holder’s health.
When getting a universal life insurance quote, several questions will be asked. Any information that is asked by the broker or the website form should be answered as truthfully as possible. An inaccurate answer may throw off the universal life insurance quote. It should be noted that a quote is not a guarantee of the amount a person will be paying should they choose to buy the life insurance. The exact amount that a holder will be paying is determined after the insurance company’s review.