Everyone faces critical financial decisions, and one of the most significant is determining whether to need life insurance. Life insurance is designed to provide financial support for your family after you pass away. If you live near Charlotte, NC, our team at Kempton Insurance Group encourages you to contact us to discuss your insurance options. We’ve been serving clients like you since 2009.
Understanding Universal Life Insurance Policies
There are several types of life insurance policies available, and universal life insurance is one option worth considering. According to NerdWallet, universal life insurance is a type of permanent insurance that builds cash value over time. These policies typically terminate at a specific age, as outlined in the policy guidelines. However, as noted by the North Carolina Department of Insurance, universal policies require ongoing attention and adjustments—they’re not the type of policy you can “set and forget.”
As you age, you may need to adjust your premium payments. While your policy’s cash value accrues interest, part of your premium is used to pay for the insurance itself. During periods of low interest rates or returns, your policy’s cash value can decrease or even lapse. To avoid this, it’s essential to review the Annual Statement provided by your insurance company, which details your policy’s current value.
Contact Us for Your Appointment
As an independent agency, we offer access to a wide range of insurance carriers, giving you the flexibility to choose the best option for your needs. At Kempton Insurance Group, we operate as an online agency, enabling all transactions to be conveniently handled through our computer system. Clients in the Charlotte, NC area trust us for reliable insurance solutions and exceptional customer service. Call us today to schedule an appointment, and let’s find the right life insurance policy for you.