What Is Universal Life Insurance?

The simple version is:

Universal Life Insurance (UL) is a type of permanent life insurance1. Universal Life is more flexible than Whole Life, which is another type of permanent life insurance. 

Universal Life is a unique type of life insurance that is actually two different products packaged together into one. The 1st product is a one year annual renewable term life policy at the face amount listed on the policy. The 2nd product is a type of savings component in the form of a cash value account that grows at either a guaranteed interest rate or the current rate whatever is higher. 

Some of the advantages of Universal Life Insurance is that you have the ability to access cash that has accumulated, in the form of loans and withdrawals after a certain period of time. You also have the flexibility to change the amount of premium payments and in many cases even the death benefit amount as well. Another advantage is that the growth in cash value is tax-deferred under the current federal income tax law.

1Permanent life insurance can provide guaranteed lifelong protection (or to a specific age) as long as the necessary premiums are paid.

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Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

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