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Beautiful Should I Use My Cash Value In My Universal Life Insurance Policy To Pay The Premiums
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. I have a universal life policy with $245k coverage and cash value of $91k, which is paid up in 2021. In exchange for paying premiums, life insurance provides beneficiaries with a large payment upon the insured's death.

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However, this option is typically only available once your life insurance policy's cash value has reached a specific size, which may take five to 10 years of paying premiums. Once the policy has accumulated enough cash value, you can use it to pay premiums or you can borrow. Cash value life insurance is a permanent life insurance policy that builds a cash value that can both whole life insurance and universal life insurance are examples of cash value insurance.

You may have to pay higher premiums.

Whole life insurance is an insurance policy that you pay into for your entire life. Not all universal life insurance policies are the same, and protective life can help you understand is a universal life insurance policy right for you? What does life insurance cover? Another benefit of using a permanent life insurance policy to help pay for college: