Life insurance protects your family, but there are options that help you save for your future too. For example, universal life insurance has a death benefit and a savings option. Variable life insurance provides even more investment options. At Great Michigan Insurance in Marshall, MI, we have agents who specialize in life insurance policies tailored to your family’s needs. 

Universal Versus Variable Life Insurance

Universal coverage provides a death benefit that flows to your loved ones if you die. But it also has a savings component that will help you build a nest egg. Variable life policies give you more control over the premium, so you can choose the coverage that best meets your budget and needs. There are a few factors to consider before upgrading your existing policy. For example, with universal life coverage, the cash value grows based on your settings.

Universal life offers interest-based growth and payment flexibility. Variable life insurance often includes higher risk and return on investments, and you can grow your wealth slowly without an immediate tax impact.

While universal insurance provides more stability, variable insurance can offer higher risks if you understand market fluctuations. Variable insurance coverage remains in place as long as you pay the premium.

You can’t easily combine universal and variable life insurance policies. However, we can help you learn more about all your coverage options. It’s hard to find a life policy that meets your financial goals and risk tolerance. Both universal and variable coverage provide protection for those you love and a way to save for your future.

It’s always a good idea to review your existing policy at least once a year. You can also rely on our team of professionals at Great Michigan Insurance in Marshall, MI, to give you honest advice on how to protect your family while saving money for yourself. Contact us to schedule an appointment with a knowledgeable life insurance agent.