Universal Life Insurance, Part 2

You have the ability if you choose to change the premium that you are paying. If you want to increase it because you have more income that month, you can. If you are short on funds another month, you can decrease your premium payment. However, the changes in the premium must be approved by your respective life insurance company. Keep in mind that everything is connected in a term life insurance policy, so when you change one aspect of it, it will affect something else. Therefore, changing the premiums can affect the growth of the cash value of your policy. Lowering the premium will decrease the cash value, and that might not be a good idea.

You can also mess around with the death benefit, changing it up a bit. Again, your respective life insurance company must either approve it or disprove it. It makes sense then if we talk about how altering the death benefit affects the cash value of the policy, since in the previous section, we talked about how altering the premium would produce the same results. Sometimes, policy owners will increase the death benefit dramatically, because they know that the insured is close to death. Because of fraud cases such as these, in cases where the death benefit is increased greatly, the life insurance company may request evidence of insurability again. So, if the insured in your policy is going through some health problems, a change of employment, or another factor that may affect his/her insurability, do not make any changes to the death benefit!

Universal Life Insurance, Part 1
Universal Life Insurance, Part 3
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