Universal Life Insurance

What is Universal life insurance?

Universal life insurance is permanent life insurance with an investment savings element and low premiums like term life insurance. Most universal life insurance policies contain a flexible premium option. However, some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).

Benefit of Universal life insurance

  • Since there is a cash value component, you may be able to skip premium payments as long as the cash value is enough to cover your required expenses for that month
  • Some policies may allow you to increase or decrease the death benefit to match your particular circumstances**
  • In many cases you may borrow against the cash value that may have accumulated in the policy
  • The term must be renewed if you want coverage to be extended beyond the term length
  • The interest that you may have earned over time accumulates tax-deferred
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