Universal Life Insurance Northern KY: S Cohen Insurance

What is Universal Life Insurance in Northern KY: What You Need to Know

Universal Life Insurance is one of the types of life insurance policies that provides coverage for your entire life and builds cash value over time. It can be a good option for people who want to leave a legacy, fund a trust, or pay estate taxes.

But how does a Universal Life Insurance Policy in Northern KY work, and what are its benefits and features? Here are some facts you need to know before buying a whole life insurance policy from S Cohen Insurance.

How Universal Life Insurance KY Works

life insurance universal combines an insurance product and an investment account called cash value. When you buy a policy from S Cohen Insurance, you choose a coverage amount that suits your needs and the beneficiaries who will receive the death benefit when you pass away. You also pay a fixed premium that does not change over time.

Part of your premium goes to the cash value account, which grows over time at a guaranteed or non-guaranteed rate of return. The cash value is tax-deferred, meaning you don’t pay taxes on the growth until you withdraw or surrender the policy. You can access the cash value through loans, withdrawals, or surrendering the policy, but this will reduce the death benefit and may incur taxes and fees.

The other part of your premium goes to the insurance itself, which pays out the death benefit to your beneficiaries when you die. The death benefit is usually equal to the coverage amount unless you have outstanding loans or withdrawals from the cash value. The death benefit is also tax-free, meaning your beneficiaries won’t have to pay income taxes on the money they receive.

Benefits and Features of Universal Life Insurance KY

Northern KY Universal Life Insurance offers several benefits and features that make it appealing to some people. Here are some of them:

• Lifelong coverage: As long as you pay the premiums, your policy from S Cohen Insurance will stay in force until you die, regardless of your age or health condition.
• Guaranteed cash value: Your cash value will grow at a guaranteed rate of return, which can provide a source of income or savings for your future needs.
• Non-guaranteed dividends: Some whole life policies from S Cohen Insurance pay out dividends, which are a share of the insurer’s profits. You can choose to receive them as cash, apply them to your premiums, or add them to your cash value or death benefit.
• Flexible payment options: You can choose to pay for your policy from S Cohen Insurance in a shorter time frame, such as 10 or 20 years, or even in a single lump sum. This can lower your overall cost and free up your budget for other expenses.
• Riders and options: You can customize your policy from S Cohen Insurance with various riders and options that enhance your coverage or benefits. For example, you can add a rider that gives your beneficiaries both the death benefit and the cash value when you die, or a rider that waives your premiums if you become disabled.

How to Buy Universal Life Insurance KY

If you are interested in buying life insurance universal from S Cohen Insurance, here are some steps you can follow:

• Determine your coverage needs: You can use a life insurance calculator to estimate how much coverage you need based on your income, debts, expenses, and goals.
• Compare quotes from different providers: S Cohen Insurance is a life insurance company that works with some of the best providers in the industry. You can use their online tool or work with a life insurance agent to compare quotes based on your age, health, coverage amount, and policy features.
• Choose a reputable provider: S Cohen Insurance will help you choose a provider that has a strong financial rating, good customer service, and competitive rates and dividends.
• Apply for a policy: You will need to fill out an application form and answer some questions about your health and lifestyle. You may also need to undergo a medical exam and provide additional documents or information.
• Review and sign the policy: Once you are approved for a policy from S Cohen Insurance, you will receive a copy of the policy contract and an illustration that shows how your policy will perform over time. Review them carefully and make sure you understand all the terms and conditions before signing.

Universal Life Insurance KY is not for everyone, but it can be a valuable tool for some people who want lifelong protection and cash value accumulation. If you think whole life insurance is right for you, contact S Cohen Insurance today and get started on your journey.