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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