What you don't know about traditional life insurance | UNIVISTA INSURANCE

What you don’t know about traditional life insurance

What you don’t know about traditional life insurance. Life insurance is a powerful financial tool to safeguard loved ones in the event of the policyholder’s sudden passing. It’s an idea most people understand well. When the policy owner passes away, the family receives the death benefit, a pre-agreed-upon amount, for instance, $100,000 or $250,000.
Many must realize that traditional permanent life insurance contains a savings component, meaning a portion of the premium money accumulates in a savings account.
But here’s the saved money: it’s not included in the death benefit; only the account holder can access it. In this type of insurance, the account owner can access the saved funds only if they decide to cancel the policy.
Part of the appeal of this concept is that if someone chooses not to continue paying for life insurance, instead of walking away empty-handed, they take the accumulated savings after paying cancellation and other fees.
The world of life insurance is vast. There are other, more flexible forms of permanent life insurance. If you’d like to learn about them, you can contact a Univista Insurance agent. What you don’t know about traditional life insurance.

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