Also referred to as a “UL” policy, a Universal Life Insurance plan is a flexible form of permanent life insurance. It allows you to protect your loved ones and build tax-deferred cash value by paying additional money to a life insurance premium to “overfund the policy.” That additional money builds cash value, along with interest, that may be borrowed from or used to subsidize your life insurance policy cost in the future. You may also temporarily decrease your payments or occasionally skip a payment, as long as you repay any money taken from your cash value.
Term Life insurance may be the right fit for you if you are looking for:
Guaranteed coverage for a specific amount of time or to cover specific financial obligations
Affordability and payments guaranteed not to change
An addition to a work provided life insurance plan
Short-term coverage for debts or other needs
Provide for loss of income
Offer protection to help pay off a mortgage or college loans
Types of Universal Life Insurance
Survivorship Universal Life Insurance - The death benefit is paid when the last person insured under the policy dies.
Joint Universal Life Insurance - The death benefit is paid when the first of the insured dies.
Want to learn more about how Universal Life Insurance can help you?