Main advantages of UL
This characteristic is its major advantage over whole-life insurance which is similar to UL in many ways. Some of the parameters that are amenable to modification are:
- the amount of the premium; may be lowered or increased
- the timing
- the death benefits may be decreased or increased (depending on insurability)
The duration of the protection that is offered by UL policies are guaranteed for a lifetime.
Universal life insurance providers
The following are 10 of the most dependable insurance companies in the industry that provides several types of life insurance, including the most flexible UL policies available today:
- New York Life Insurance Company. This company has been working to “build a strong financial future” since 1845. It is one of the most awarded insurance companies in the United States, and has received recognition from various organizations, foundations, and magazines through the years. NYLIC made it to Fortune Magazine’s “List of World’s Most Admired Companies for 2012.
- Northwestern Mutual. This company was founded in 1857 and prides itself for its commitment to “diversity and inclusion.” Northwestern Mutual also made it to Fortune Magazine’s 2012 list of admirable companies. Its edge over its competitors is the strong financial foundations that credit rating agencies have recently recognized. In December 2011, it led the list of companies provided by the American Customer Satisfaction Index.
- Prudential Financial, Inc. This company has been in the financial services industry for 135 years and has since spread from the US throughout the world. Prudential universal life insurance products are offered with “no-lapse guarantees.” All three of the company’s UL offerings are focused on death benefits.
- Metropolitan Life Insurance Company. MetLife’s very competitive insurance rates had boosted its popularity. This company was founded in 1868. Metlife is currently offering a GUL or Group Universal Life policy for employees with the intent of decreasing the administrative cost for employers. GUL is a voluntary program.
- LSM Insurance. In Canada, one of the leading life insurance providers and brokerage firms is LSM Insurance. It is rather young, compared to its US counterparts, but its client-centered approach and comprehensive coverage has won many Canadians. It offers a wide range of insurance products including UL and its sub-types.
- HSBC. HSBC Holdings is one of the biggest and most progressive in Asia and the 6th largest company in the world according to Forbes Magazine. HSBC’s insurance products are amongst the most competitive. The mission-vision of HSBC Life Insurance is focused on “customer centric” services to ensure protection of their clients and employees.
- Lincoln Financial Group. LFG is the name that is used in the marketing campaigns of Lincol National Corporation. Based in Philadelphia, this company has 8, 000 employees and provides a wide array of insurance products offers and various other financial services including group protection and retirement plans.
- ING Life Insurance. ING India’s head office is in Bangalore. This company had been serving the subcontinent for more than a decade now. It is one of the biggest insurance products providers serving 200 cities and a million Indian nationals. ING International is a Dutch company that owns 26% of ING India.
- Fidelity Life. A user-friendly online experience awaits the future policyholder. The site provides not just competitive insurance policy options, but it also supplies relevant information to users about choosing and buying life insurance.
- American General. This company is well-known in the United States. It is one of the more popular companies where customers are referred to mainly because of its clear and concise policies and the very accessible and informative website that the company maintains. The company also provides phone and online support.
Most policyholders choose universal life insurance because it is significantly more flexible than others. Providers of UL insurance are always trying to offer better products and services in order to outdo other companies currently occupying the top spots, much to the advantage of the consumer.