At the time of its inception, universal life insurance seemed like the perfect solution to the economic problems adults of the era faced. Serving as a way for the Federal Reserve to combat the Great Inflation of the 1970s, universal life insurance “included both insurance and a savings account that earned income to help pay future costs and keep the premium the same.”
However, as the concept of universal life insurance matured over time, the silver lining on a once-promising product quickly eroded. Today, interest rates on the savings portion of universal life insurance policies have fallen to record lows, while the longer lifespans of current policyholders have driven monthly costs to more than five times the amount they paid when they originally purchased their policies.
This imbalance of high costs vs. little rewards has forced elderly citizens to make unrealistic compromises, such as selling their homes to live with relatives, abandoning critical medications, and draining their Social Security savings accounts — all for the sake of affording their vastly inflated universal life insurance expenses.
To understand the full effect of how universal life insurance has failed an entire generation of Americans, read this article by Wall Street Journal:
How to get out of your universal life insurance policy, and what to do next…
Every policyholder’s situation is unique. Before weighing your options, you’ll need to consider things such as your current age, health status, monthly income, monthly expenses, and how much of a burden your universal life insurance policy is on you and your wallet. Only once you take complete stock of your personal situation can you make a firm decision on what to do next.
If you’ve determined that you’re ready to jump ship to a better life insurance solution, here’s what you need to do:
1. Enlist the help of a proven life insurance expert.
When managing something as important as your life insurance policy – a necessity that will impact not only your livelihood, but also your loved ones after you pass away – you want to make sure a seasoned professional is looking out for you.
2. Pick the policy with the most benefits.
Out of all the policies available to you, there is one that simply stands out from the rest. A term life insurance policy is simple, powerful, and flexible so that it can meet all of your needs, when you need it — no more and certainly no less.
To learn more about term life insurance, check out the term life FAQs page on our website.
3. Re-evaluate your situation often.
Life is filled with curveballs. Everything from your job, to your income, to your living situation, can change from year to year. As a Low Cost Life Insurance customer, your representative re-evaluates your life insurance needs on an annual basis, thus ensuring that your policy is always up to date for wherever you are in life.
Get started today.
Reach out to Low Cost Life Insurance for your free quote today. Doing so just may change your outlook on the future.