The Beauty of VUL: Exploring the Key Benefits
Variable Unit Linked also known as VUL is an insurance policy that combines protection and savings. Working as a Financial Consultant for several months, I learned about these matters and their potential to safeguard my loved ones. And who knows? This could also help you, too.
The Beauty of VUL: Exploring the Key Benefits It Can Bring to You
Think of the insurance as a pillar that holds your priorities so it won’t crumble down once your health deteriorates.
Allow me to offer clarity on this topic. As previously mentioned, this insurance policy includes both protection and investment components. This ensures financial support in the event of health decline.
Meanwhile, the investment component of this insurance policy guarantees the growth of your funds over time as you consistently pay your premiums brought by VUL’s maturity benefit.
The Variable Unit Linked Insurance Caters to Your Needs
If you’re the primary provider or someone upon whom your family relies, allowing your health to deteriorate would only burden them financially.
While we can’t predict when our health may decline, the key priority remains ensuring you maintain good health. Otherwise, your other priorities might crumble afterward, as mentioned above. So it’s wise to create a financial safety net to protect your funds when that happens.
In a recent talk with Dr. Kilimanguru during the PruConversations webinar titled ‘The Doctor Is IN: All About The Big C,’ he mentioned that one way of preventing the financial burden brought by health uncertainties is to become financially prepared.
He provided three tips on how we can prepare ourselves financially before those uncertainties occur:
- Save up
- Build emergency funds
- Get an insurance
This is where I suggest considering VUL insurance, as it offers comprehensive protection. Additionally, you can use the investment component of this policy for other purposes. Then you can reserve a portion of your savings to establish your emergency funds as necessary.
The flexibility of the VUL also allows you to control where you can spread out your funds. You even have the option to invest all your funds into its investment component. This allows your money to grow over time if you already have health insurance and health cards.
Moreover, this insurance typically comes at a lower cost, with payments usually paid whole life. However, select insurance companies, such as Pru Life UK, offer limited-payment VUL policies, which provide equivalent benefits but entail a shorter payment duration.
The Variable Unit Linked (VUL) insurance presents a solution tailored to safeguard and enhance your financial stability, particularly if you serve as the primary provider for your family. This insurance option provides the dual assurance of savings and protection, recognizing the unpredictability of health issues. Consequently, it’s crucial to prioritize saving, establishing an emergency fund, and obtaining insurance to effectively address such uncertainties.
