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Universal Life Insurance | XL Financial Blog

How Can A Universal Life Insurance Policy Be Used?

Posted on 31. Jul, 2013 by in Financial Planning

A universal life insurance policy is one of the most common types of life insurance chosen by those planning for their retirement and the future of their family and loved ones. Such a policy gives you the freedom to use the money in many different ways once the policy matures. The following are just a few of ideas of the many ways a policy can be used when the time comes.

Settle Final Costs And Expenses

After your death, your family and loved ones can benefit greatly from a universal life policy because they will most likely have the ability to cover final expenses and settle your debts. Should you have had large medical bills or unpaid debt, the money can be used to settle those debts or pay for funeral costs. This will help ease the burden of your death and prevent the chance that you leave your family strapped for cash.

Leave Funds For Your Loved Ones

One of the most common hopes people have when signing on to a universal life insurance policy plan is to leave behind enough to provide for the needs and wants of their family members and closest loved ones. These funds can be used after your policy matures to keep your family comfortable and living without financial burden. Not only can policies grow large enough to care for the needs of a spouse or child, but if planned well enough, there may be an excess of funds to help multiple members you leave behind.

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