Universal Life InsuranceUniversal life insurance is a type of permanent life insurance policy that provides both a death benefit and a cash value component. Like whole life insurance, universal life insurance provides coverage for the policyholder's entire lifetime, as long as the premiums are paid.
The key difference between universal life insurance and whole life insurance is the flexibility it provides in terms of premiums and death benefits. With universal life insurance, policyholders have the ability to adjust their premiums and death benefits over time to meet their changing needs. For example, policyholders can increase their premiums to build up the cash value component of the policy, or decrease their premiums if they need to reduce their expenses. Universal life insurance policies typically have a minimum premium that must be paid to keep the policy in force, but policyholders can choose to pay more than the minimum to build up the cash value component. The cash value component of a universal life insurance policy grows tax-deferred, meaning that policyholders do not have to pay taxes on the growth until they withdraw the funds. Overall, universal life insurance provides more flexibility than whole life insurance, but also requires more involvement and monitoring from the policyholder to ensure that the policy remains in force and meets their needs over time. |
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