Tennessee Universal Life Insurance
Security for every stage with universal life insurance
Our universal life insurance policies are designed to adjust to the dynamic nature of your life, providing not just a death benefit but also a range of living benefits. Whether you're looking for long-term financial growth, tax advantages, or the flexibility to adjust your coverage as your needs change, our universal life insurance offers a customizable solution.
Tennessee Universal Life Insurance
Security for every stage with universal life insurance
Our universal life insurance policies are designed to adjust to the dynamic nature of your life, providing not just a death benefit but also a range of living benefits. Whether you're looking for long-term financial growth, tax advantages, or the flexibility to adjust your coverage as your needs change, our universal life insurance offers a customizable solution.
How does universal life insurance work?
Universal life insurance is a flexible type of life insurance—sometimes known as permanent life insurance or cash value life insurance—that can adapt with you throughout your lifetime and increase in cash value as time passes. Its cash value earns interest on a tax-deferred basis. Your needs are likely to change over the years, which is why Farm Bureau Insurance offers universal life insurance policies that you can customize as your needs change.
Advantages of universal life insurance
Universal life insurance offers several advantages that make it a popular choice among individuals seeking financial protection and flexibility. Here are three key advantages of universal life insurance:
Flexible premium payments. One of the major advantages of a universal life policy is the flexibility it provides in premium payments. Unlike other types of life insurance policies, universal life insurance allows policyholders to adjust their premium payments within certain limits. This means that if your financial situation changes, you have the option to increase or decrease your premium payments to align with your current needs and budget.
Potential for cash value growth. Another advantage of universal life insurance is its potential for cash value growth. With universal life insurance, a portion of your premium payments is applied to the cash value of your policy. This can provide you with a source of funds that you can borrow against or withdraw from when needed, offering a level of financial flexibility and security.
Ability to adjust coverage. Universal life insurance also offers the advantage of being able to adjust your coverage. As your life circumstances change, such as getting married, having children, or purchasing a new home, you may find that you need to increase your coverage to adequately protect your loved ones. With universal life insurance, you have the ability to adjust your coverage amount, ensuring that your policy meets your evolving needs.
Here for you whenever, wherever you go
Download your proof of insurance, pay bills, file a claim, and manage your policies in one place with My Account.
Common questions about universal life insurance
Who should consider universal life insurance?
Universal life insurance is ideal for those needing long-term coverage and desiring premium flexibility. Suited for individuals with complex estate planning or business ownership, it offers the potential for cash value growth on a tax-deferred basis. The ability to adjust the death benefit and access cash value adds adaptability for changing financial needs. If you think universal coverage is right for you, talk to one of our local agents to learn more.
Why do you need life insurance?
Life insurance provides a safety net for your loved ones after your death. This type of coverage is essential if you have dependents who rely on your income, such as a spouse, children, or aging parents. It can help cover everyday expenses, mortgage or rent payments, education costs, and even outstanding debts or loans.
How much life insurance coverage do you need?
One of the most common questions people ask when choosing a life insurance plan is, 'How much coverage do I need?' The answer to this question depends on individual circumstances and financial goals. Typically, people opt for coverage that is equal to 5-10 times their annual income. However, it's important to take into account other factors such as outstanding debts, future expenses, and income replacement needs. Your Farm Bureau Insurance agent can help you determine the right amount of coverage to fit your needs.
Why should I have life insurance in addition to my employer benefits?
Employer group life insurance is great as supplemental coverage, but ask yourself this: What happens to my employer coverage when I retire, change jobs, or get laid off? Group coverage is only good when you are part of the group. We have all heard the saying “Don’t put all your eggs in one basket.” Make sure you have planned ahead and bought individual life insurance so no matter what happens, your family will be protected.
