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What is Universal Life Insurance?
Universal life insurance is a type of coverage that features flexible protection for your family or business, control over the amount and frequency of your payments, tax-free death benefits, and guaranteed return. It also has the potential for greater cash value growth. Since this type of coverage is known for its flexibility, it’s very popular – you can tailor your own premiums to fit your specific needs. A type of flexible life insurance offering low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. . This insurance also builds cash value, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.
What is the benefit of Universal Life Insurance?
Universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.