Make sure you have enough funds to not only cover the cost of insurance, but also to help build up cash value.
Review your policy every year.
Universal life insurance is more flexible than most other life insurance policies. This flexibility means you may be able to extend the life of your policy when necessary.
Remember to review your policy every year, so it lasts as long as you need it to.
Ways to extend the life of your policy.
It may not be too late to make your policy last longer. Here are some ways you can get back on track.
To talk with an insurance professional about your options, call 800-531-LIFE (5433).
Steps to complete Ways to extend the life of your policy.
Stay covered to protect the future.
Review your policy every year to make sure it still meets your family’s needs.
Getting the Most Out of Your Universal Life Policy
Video Duration: 1 minute 42 seconds
Providing flexibility: Elapsed time 0 seconds [00:00]
You made a great choice buying life insurance. We designed your policy to protect you and your loved ones.
Unlike other policies, universal life gives you freedom to choose how much to pay and when – depending on your needs.
This flexibility means it’s important to get an annual review. Here’s why.
How it works: Elapsed time 18 seconds [00:18]
Part of your premium pays for the cost of insurance, which is what we need to cover policy and business costs to keep it going. This increases yearly because the risk of passing increases along with your age.
After covering the costs, your premium goes into a cash value account and earns interest.
A few things influence your cash value balance. You might’ve taken a loan, made a withdrawal or used it to pay premiums instead of making regular payments.
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What if you never touched it and paid every premium you’d set up? Even if you’ve never touched your cash value and faithfully paid the premium, the economy affects your policy too.
Inflation makes policy and business costs go up. And interest rates can change your cash value results. This means that your premium may not meet your needs like it used to, and your policy may end sooner than you wanted.
In any case, annual reviews help you stay aware. The following strategies can help you extend the life of your policy:
- Increase the policy premium or add a lump sum.
- Reduce the amount of coverage.
- Change the death benefit option.
Contact us: Elapsed time 1 minute 28 seconds [01:28]
Review your policy or get trusted support with our insurance professionals at 800-531-5433.
We thank you for trusting us with your life insurance needs.
End: Elapsed time 1 minute 42 seconds [01:42]
Make sure your family is covered.
Your family counts on you. Checking your policy can help keep them protected.
And you can count on USAA. Surviving the loss of a loved one has many challenges and decisions.
We’ll help them understand their options so they can make the right decisions for their needs with our dedicated Survivor Relations team.
Managing universal life FAQ
Even if you’ve faithfully paid your premium and never touched your cash value, the economy can affect your policy, too.
Inflation can cause insurance costs to rise, and your policy’s interest rate may go down. That’s why it’s important to review your policy every year in case you need to make changes.
To maintain or extend your policy’s life, you may need to increase your premium or add a lump sum.
Yes, you could lose your policy if your cash value or premium payments aren’t enough to cover the cost. We’ll let you know before that happens by sending you a bill.
Remember to go over your policy at least once a year to avoid cancellation.
You can find when your policy is expected to end on your contract owner statement. We mail or email you one every year on the anniversary date of your policy.
If you have questions about your policy, call us at 800-531-LIFE (5433).
We’re here to help.
Our insurance professionals are ready to talk through your options and help you make the most out of your policy.
Call today.
