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Torian Insurance offers universal life insurance policies which provide a tax-free death benefit to your loved ones. With Torian, you can rest assured knowing that your family is taken care of financially if something happens to you.
Universal life (UL) insurance offers lifelong coverage and a savings component, providing both protection and investment opportunities. Unlike term life insurance, UL insurance remains active for your entire lifetime as long as premiums are paid.
Its key feature is flexibility; you can adjust premiums and death benefits within certain limits to suit your financial needs. The policy accumulates cash value that earns interest, which can be accessed for funding education, paying off debts, or supporting retirement plans.
This combination of coverage and savings makes UL insurance a comprehensive solution for long-term financial stability, ensuring both beneficiaries’ security and a flexible financial resource for the policyholder.
Insurance can be complicated, but that's why we are here to help. With over a century of experience in the insurance industry we can answer all of your life insurance questions.
Based on your specific needs and risks, we will help customize your flexible Universal Life Insurance Plan so it maximizes the benefits to you and your loved ones.
Offering lifelong coverage and a flexible savings component, Universal Life Insurance ensures your loved ones are financially secure no matter what.
You can rest easy with Torian. As independent Insurance agents, we work for YOU, not the insurance companies! Our expert staff has your best interest at heart which means providing the best coverage.
Universal life insurance is a flexible type of permanent life insurance that combines a death benefit with a savings component. It allows policyholders to adjust their premiums and coverage amounts as their needs change over time, providing both protection and financial flexibility.
Whole life insurance and universal life (UL) insurance are both types of permanent life insurance, offering a death benefit and a cash value component.
The key differences lie in their structure and flexibility. Whole life insurance features fixed premiums and a guaranteed death benefit, making it more predictable but generally more expensive.
Its cash value grows at a guaranteed rate set by the insurer.
In contrast, Universal Life insurance offers flexible premiums and the potential to adjust the death benefit, making it more adaptable to changing financial situations.
The cash value in a Universal Life policy earns interest based on current market conditions or a minimum guaranteed rate, which can lead to higher growth in good market conditions but also carries the risk of lower returns if interest rates drop.
Both policies allow for loans and partial withdrawals from the cash value, but these affect the death benefit.
When you pay your premiums, a portion goes toward the cost of insurance (COI) and administrative fees, while the remainder accumulates in the cash value, a savings element linked to the policy. This cash value grows based on interest earned, either at market-linked rates or a fixed rate guaranteed by the insurer, allowing it to build over time.
If the cash value drops to zero and your premiums do not cover the cost of insurance, the policy could lapse, meaning you would lose both the coverage and any accumulated cash value. Therefore, it’s important to monitor your policy’s cash value and make necessary premium payments.
Generally, there are no tax implications for borrowing against the cash value of a UL policy. However, withdrawals may be taxable if they exceed the amount you’ve paid into the policy. Additionally, any outstanding loans will reduce the death benefit.
When the policyholder dies, beneficiaries receive the death benefit specified in the policy. The insurance company usually retains any remaining cash value in the account, although some policies may offer an option to include part of the cash value in the death benefit.
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3000 E Division St. Evansville, IN 47711 | Phone: (812) 424-5503 | Contact Us
3000 E Division St.
Evansville, IN 47711
Phone: (812) 424-5503
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