Should you go for VUL? - Marvin Germo

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Should you go for VUL?

By: Marvin Germo | April 18, 2021

Many people have been talking about VUL, especially the millennials. VUL is actually a type of insurance that is now being offered by insurance companies. Aside from this type, there are also other insurance policies that focus on insurance alone and health.

I know you have a lot of questions in mind, especially on what type of insurance to get. Today, let me focus on VUL or the investment-linked insurance policy. If you are still in doubt and you want something to motivate you to go for VUL, I’m going to share what I think.

Investment-linked insurance policy

VUL is an investment-linked insurance policy. This means that aside from getting insurance coverage, you will also get an investment once you avail of this policy. If you are looking for investments, I think you should go for VUL. It’s good that you are hitting two birds in one stone here. You are going to pay one amount of premium to get both insurance and investment, which is a good way to save up for your retirement. It’s a hassle if you will get insurance and investment separately, especially if you are not that educated about investments. At least, with VUL, you are assured that your investment is being managed by someone who knows how to invest.

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Your insurance is safe

VUL policies have conditions that as long as your investment is there, your insurance is running and safe. So, what you need to maintain is your investment so you can use your insurance in the future. This is a good privilege for VUL holders. Why? Because you are encouraged to invest and at the same time, you will have access to an asset that can save your whole family financially when something unexpected happens to you. Your insurance is safe as long as you maintain your investment.

Withdrawal of investments

Why should you go for VUL? Simple, because you can get the fruit of your hard work after a period of time. And, after that time has elapsed, you can withdraw your investment or savings without restrictions anymore. Basically, insurance companies offer 10 years of paying premiums before you can relax from paying your VUL. This also means that you can withdraw your investment at any time after 10 years. I know, who wouldn’t want to get hold of his years of savings, right? If I would be given the chance to get some of my investments, I will withdraw them.

You can choose your investment

Another thing about VUL is that you can choose where to put your money. You can talk to your financial advisor whether you want to go all-in in stocks or split your money into equity and mutual funds. Your investment is either “equity funds” or “balanced funds.” If you are not familiar with this yet, you can ask your financial advisor for some advice so you can decide better what to choose among the options you have. Remember that to choose wisely to protect your money.

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