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USAA Life Insurance Company and USAA Life Insurance Company of New York

Managing your universal life policy

Learn how to make your universal life insurance last. Call us at 800-531-LIFE (5433).

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.

Understand what can affect your policy.

Some factors are beyond your control, but others are part of your policy’s flexibility.

Rising insurance costs

Coverage costs go up every year because the risk of passing away goes up as you age. Also, inflation can shorten your policy’s life.

Changing interest rates

If the interest rate on your policy’s cash value goes down, it can impact how much you need to pay into your policy to make it last as long as you want.

Skipping or reducing payments

This is a helpful option if you face financial hardship. But it could affect your policy if you don’t have enough cash value to make up the difference.

Borrowing from your cash value

This could help if you have unexpected expenses. When you take money from your policy, it could cause your policy to end sooner than you need.

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.

  1. Increase your payment or add a lump sum.

    Make sure you have enough funds to not only cover the cost of insurance, but also to help build up cash value.

  2. Reduce your coverage amount.

    If you feel you no longer need as much insurance, reducing your coverage amount may extend the life of your policy.

  3. Change the death benefit option.

    Depending on your coverage type, you could change the death benefit option, which may lower your payments.

Stay covered to protect the future.

Review your policy every year to make sure it still meets your family’s needs.

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.

Related resources

Understanding permanent life insurance

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Read article: Understanding permanent life insurance

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Read article: How often should I review my life insurance policy

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.

Call today.

800-531-LIFE (5433)

For TTY devices, dial 711