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A universal life insurance option provides more flexibility than whole life insurance. Policyholders have the flexibility to adjust their premiums and death benefits. Universal life insurance premiums consist of two components: a cost of insurance (COI) amount, and a saving component, known as the cash value.
Universal life insurance. Such policies offer the advantage of guaranteed level premiums throughout the insured's lifetime at a substantially lower premium cost than an equivalent whole life policy at first. The cost of insurance always increases, as is found on the cost index table (usually p. 3 of a contract).
Universal life insurance is a type of permanent life insurance. Like most permanent life policies, universal life combines a savings component with lifelong protection. As long as you pay the required premium, the policy remains in force until you die.
A universal life insurance policy might be a good choice if you want: The flexibility to adjust your premiums and coverage amounts** Cash value that you may be able to borrow from while you're still alive Permanent* life insurance protection and access to cash values.
Universal life insurance provides permanent life insurance protection and access to tax-deferred cash values. We offer two types of universal life insurance, fixed and flexible. Fixed premium universal life insurance offers protection, however policy provisions cannot be changed after the policy has been issued.
Universal Life Insurance premiums are paid into your policy's account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs.