Shopping for a Universal Life Insurance (ULI) policy? Want to know how much they cost?
In this article, we will talk about how much ULI costs and what factors affect these costs.
Universal Life Insurance Rates
There are two different types of universal life insurance: the traditional, and the indexed inviersal life policy (IUL).
In this article, we’re going to look at the costs for a non-medical IUL with a coverage of $250,000.
This cost of this type of policy ranges between $145 to $778 per month. What you end up paying depends on your age, your gender, your lifestyle, the type of coverage you need and more.
Naturally, non medical insurance costs less than medical insurance. Medical IUL requires the policy holder to do a medical exam. On the other hand, Non Medical Indexed IUL doesn’t require you to get a medical exam. But the coverage will be lower, and the premiums may be higher.
Factors that Affect your Universal Life Insurance Rates
As we have mentioned, there are a lot of different factors that affect your ULI rates. Every insurance company has their own different standards on who they want as a client. Here are some of the factors that may affect your IUL premium:
- Your age – Just like with any life insurance, rates are more affordable the younger you start. If you decide to get an ULI when you’ve reached your middle or senior life, then rates will go higher.
- Your overall health – The healthier you are, the more affordable your policy will be
- Your lifestyle – Do you have a risky lifestyle? Do you abuse alcohol and drugs? Do you smoke? Your answer to these questions will affect your monthly premiums.
- Your gender – Generally, women live longer than men. This is why premium rates for women are lower compared to mens’.
- The result of your medical exam – As we mentioned, you can opt out of a medical exam if you are prepared to pay for a higher premium.
- The insurance company – Naturally, the insurance company you choose will play a huge part. This is why it is important to do your research first before you choose an insurance company.
