California Universal Life Insurance, What Is It?
California Universal Life Insurance (UL) is a type of cash value life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
California Universal Life Insurance How Does It Work?
A California Universal Life Insurance policy is considered a permanent life policy. The UL policy options provide more flexibility than whole life insurance. Policyholders have the flexibility to adjust their premiums and death benefits. California Universal Life Insurance premiums consist of two components: a cost of insurance (COI) amount, and a saving component, known as the cash value.
Much like a savings account, a California Universal Life Insurance policy can accumulate cash value. With a universal life insurance policy, the cash value earns interest based on the current market or minimum interest rate, whichever is greater. As cash value accumulates, policyholders may access a portion of the cash value via a loan without affecting the guaranteed death benefit. A policyholder will pay taxes on any withdrawals they make from the excess cash value they don’t repay from the loan of the California Universal Life Insurance policy. Also, depending on when the policy and premium payments are made, earnings will be available as either last-in-first-out (LIFO) or first-in-first-out (FIFO) funds.
Why Choose ConXis Insurance Services Agency?
ConXis Insurance Services is founded on the principle that your protection and security is our business. We work with you as a team to provide you the best coverage at market competitive prices. Our philosophy is to grow with you and service your needs as your life and circumstances change over time. Our pledge is to provide you the highest level of customer service and professionalism to exceed your expectations and earn your trust. ConXis Insurance emphasizes the needs of our clients above all. Our mission is to provide protection and peace of mind for our clients. Our success is based on your continued satisfaction.
What Our Clients Say
“Appointing Chris as our broker to all of our polices has been a key decision in our business. We’ve worked with multiple brokers over the last 13 years and Chris has been great to work with. Chris has spent time to ensure we, understand what the policy entails and does/ not cover in order to make the best decisions for our business….”
“Chris has handled both my personal and business insurance needs in both a timely and professional manner. He’s easily accessible and very responsive. I’ve referred business customers of mine to him and he’s treated them the same way he did me. I would highly recommend Chris for all your insurance needs.”
“Great all around Insurance agent!!! Very efficient and good with communication. Takes time to listen to the client and make sure they not only have the best price, but that they have the proper coverage for when you need the insurance. My family and I know we are safe and protected with Chris”