Why Universal Life Insurance Sucks

I never liked the complicated, high commission products in the insurance business. Namely, Variable Annuities and Universal Life Insurance. The costs are high, and the customer satisfaction is not! Too many fees and projections, and I have never seen either product live up to the agent's projections.

Not just in life insurance, but in life - If you are approached to buy something you just do not understand, either walk away, or study it until you can get your head around it.

Complaints with Universal Life Insurance

Your premiums increase with companies expenses
You may incur surrender charges if you cancel your policy
Your cash value may incur up front load charge
Your mortality cost may increase each year
If interest rates fall, you may have to pay higher premiums

Benefits of Universal Life Insurance:

Your money accumulates in a cash value account tax deferred
You can borrow or withdraw from the policy
Interest is credited monthly
You may be able to vary the time of payment
You can tailor the death benefit to remain level, increase or decrease
Premiums are set by you, not the insurance company
Premiums are usually lower than whole life when interest rates are high

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