Universal life insurance is a type of permanent life insurance that, like other permanent insurance, has a cash value element. Unlike whole life insurance, universal life allows you to raise or lower your premiums within certain limits, and it can be cheaper than whole life coverage. However, if your investments underperform or you underpay for too long, it could affect your death benefit or cause your policy to lapse.
Policyholders can adjust their premiums and death benefits. Universal life insurance premiums consist of two components: a cost of insurance (COI) amount and a saving component.
Universal life insurance = lifelong coverage + flexible payments + cash value that earns interest.
Universal Life Insurance offers lifelong coverage with adjustable premiums, investment opportunities, and tax-deferred cash value growth, giving you the flexibility to plan for your financial future.
