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Universal Life Insurance
What is Universal Life Insurance?
Universal Life Insurance coverage is a unique permanent insurance based on a cash value. A Universal Life policy differs from a Whole Life policy due to its flexibility and potential for greater cash value growth. If the insured were to die, the death benefit would be paid to the beneficiary.What are the benefits of a Universal Life Insurance Policy?
- Flexibility – the death benefit can be increased (subject to insurability) or decreased without surrendering the policy
- When the insured’s needs change, a new policy doesn’t need to written
- Cash value growth accumulates tax-deferred with greater potential
- The policy can be surrendered for the cash value or the cash value can be used as a policy loan
