Universal Life Insurance, explained.
Flexible life coverage needs a funding plan you can maintain.
Universal Life Insurance
Universal life is a form of permanent life insurance that combines a death benefit with a policy value account. Premiums and death benefits may be adjustable within contract limits, but flexibility does not remove the cost of coverage. Insurance charges, credited interest and withdrawals affect the amount needed to keep the policy in force.
Inside a Universal Life policy.
Is this for you?
Plain language answers.
No. A policy must have enough value or satisfy an applicable guarantee to remain in force. Paying less than planned can increase later funding needs or cause coverage to lapse. Review the contract before changing payments.
Indexed universal life is one type of universal life. Its interest crediting formula references an index and has limits. Traditional universal life uses a declared crediting rate. Neither should be confused with a direct investment in a market index.
Compare guarantees, new underwriting, surrender charges, contestability periods and the effect of loans or withdrawals. Do not cancel existing coverage until the replacement has been reviewed and is confirmed in force.
Coverage is subject to underwriting, carrier availability and policy terms. Guarantees depend on the insurer’s claims-paying ability and required funding. This is insurance education, not individualized legal, tax or investment advice.
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