Universal Life Insurance
Universal Life is an innovative concept in the life insurance industry for your family and business needs. It combines the advantages of low cost term insurance with current market interest rates and the preferred tax treatment of whole life insurance. Universal Life is a type of permanent insurance, which provides lifelong protection. As long as you pay sufficient premiums, the death benefit will be paid.
As your life changes, a universal life policy can change with you. This policy was developed to give you the ultimate in both life insurance and financial flexibility. You can select the amount of coverage you need or the amount of premium you wish to spend. After the first year the policy is in force, you can adjust the policy death benefit and premium amounts. Universal life allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional whole life policy.
You also have the security of permanent protection with the tax-deferred build-up of your policy cash value, which is credited with a competitive current interest rate. You can choose a level death benefit or a death benefit that pays your beneficiary the death proceeds plus the policy cash value. You may add or withdraw cash from your cash value and still maintain your protection.
There are a variety of optional riders and benefits you can add to the policy. Our most commonly sold include the Waiver of Monthly Deduction and/or Waiver of Amount which will keep your policy in force during a period of disability, even though you're not making premium payments. There are also options to increase your face amount without evidence of insurability or options to provide coverage for your spouse and children in the same policy.
Ted Lewicki is the president of Pillar Financial Corporation located in Waterford, Michigan. Ted will help you analyze your financial situation and customize a plan that works for your family's life insurance needs. Find out more at http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
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