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Universal life insurance is a form of permanent or whole life insurance offering the security of a guaranteed death benefit. Like whole life insurance, universal life policies accumulate tax-advantaged savings, or cash value, which is a return on a portion of your paid premiums invested by the insurance company. At your death, the benefit is paid to your beneficiaries tax-free.
Comparing Benefits & Disadvantages of Universal Life
Universal life is a flexible permanent policy that allows you to customize your premiums and death benefit from year-to year.
Guaranteed Universal Life Insurance
A secondary guarantee can be added to a universal policy to avoid the cash value lapse issue. A guaranteed universal life policy includes a ‘no-lapse guarantee’ where the policy will remain in-force for the guaranteed period as long as minimum premium payments are made.
Uses For Universal Life
Universal life insurance can help provide coverage for:
Is Universal Life Insurance Right For You?
If you’re in need of a life insurance policy for long-term protection (15 years or longer), universal life may be the type of policy that’s right for you. If you don’t plan on keeping your policy long-term, or if you know you’ll have a need for additional insurance for a set period of time only (such as to provide protection for a mortgage), you may want to consider term life insurance instead.
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