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TheLifeInsuranceGroup.com- Independent General Insurance Agency,
Licenced in the state of Maryland only.
PO BOX 26537 | Baltimore, MD 21207
Main Line: 410-456-5356 | Fax: 410-448-1390
Licenced in the state of Maryland only.
PO BOX 26537 | Baltimore, MD 21207
Main Line: 410-456-5356 | Fax: 410-448-1390
| We are licensed Maryland Life and Health Insurance Agents Proudly serving Proudly serving Baltimore Maryland and surrounding counties. Allegany County, Charles County, Prince George's County, Anne Arundel County, Dorchester County, Queen Anne's County, Baltimore City, Frederick County, St. Mary's County, Baltimore County, Garrett County, Somerset County, Calvert County, Harford County, Talbot County, Caroline County, Howard County, Washington County, Carroll County, Kent County, Wicomico County, Cecil County, Montgomery County, Worcester County |
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| Assuring Your Financial Future. Call Us 410.456.5356 |
| The Life Insurance Group |
Universal life insurance is a more permanent type of insurance offering for people looking for long term insurance
coverage. Universal Life, also called UL, offers a great deal of flexibility over term insurance.
You can pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You can also pay
premiums in advance and even skip payments in certain circumstances. Plus, UL can better meet your changing needs
over time because you can increase or reduce the death benefit.
Many of today’s universal life policies also offer guaranteed lifetime protection to help you protect your loved ones against
financial hardship if you die. As long as your premiums are paid, your policy will remain in force no matter how long you
live. Some life insurance policies without this feature only pay a death benefit until a certain age, like age 100.
Universal life insurance also has a “savings” feature, called cash value. Each payment you make to the contract pays for
your insurance coverage and then the excess is invested to build cash value that you can use in the future. The insurance
company invests this cash value and credits interest to this account. Most UL contracts also offer a guaranteed minimum
interest rate so you always know that your money will earn a minimum amount. The cash value in your account also grows
income tax-deferred allowing it to accumulate faster.
If you need to access your cash value, you have a couple of options. You can “borrow” your own cash value by taking a
policy loans. These loans are generally not taxed as long as your policy stays in force. You can even withdraw money from
this cash value without taxes as long as the total amount of money you withdraw is not greater than the total premiums you
have paid. Be aware that any loans and withdrawals may generate an income tax liability, reduce available cash value,
reduce the death benefit or cause the policy to lapse.
Universal Life Offers:
The Life Insurance Group of Baltimore Maryland offers a broad spectrum of universal and survivorship universal life
insurance policies that are designed to help you meet your financial goals, whether they are as simple as providing an
income for your family to additional retirement income and even more complex needs like estate planning. Contact us, Jon
Askew your local life insurance agent in Baltimore MD at 410.456.5356.
coverage. Universal Life, also called UL, offers a great deal of flexibility over term insurance.
You can pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You can also pay
premiums in advance and even skip payments in certain circumstances. Plus, UL can better meet your changing needs
over time because you can increase or reduce the death benefit.
Many of today’s universal life policies also offer guaranteed lifetime protection to help you protect your loved ones against
financial hardship if you die. As long as your premiums are paid, your policy will remain in force no matter how long you
live. Some life insurance policies without this feature only pay a death benefit until a certain age, like age 100.
Universal life insurance also has a “savings” feature, called cash value. Each payment you make to the contract pays for
your insurance coverage and then the excess is invested to build cash value that you can use in the future. The insurance
company invests this cash value and credits interest to this account. Most UL contracts also offer a guaranteed minimum
interest rate so you always know that your money will earn a minimum amount. The cash value in your account also grows
income tax-deferred allowing it to accumulate faster.
If you need to access your cash value, you have a couple of options. You can “borrow” your own cash value by taking a
policy loans. These loans are generally not taxed as long as your policy stays in force. You can even withdraw money from
this cash value without taxes as long as the total amount of money you withdraw is not greater than the total premiums you
have paid. Be aware that any loans and withdrawals may generate an income tax liability, reduce available cash value,
reduce the death benefit or cause the policy to lapse.
Universal Life Offers:
- Flexible premium payments
- Guaranteed death benefit protection on some policies
- Potential “savings” feature from which loans and/or withdrawals can be taken
- Tax-advantaged cash value accumulation potential
- Income tax-free death benefit
The Life Insurance Group of Baltimore Maryland offers a broad spectrum of universal and survivorship universal life
insurance policies that are designed to help you meet your financial goals, whether they are as simple as providing an
income for your family to additional retirement income and even more complex needs like estate planning. Contact us, Jon
Askew your local life insurance agent in Baltimore MD at 410.456.5356.
| Universal Life Insurance |