Universal Life Insurance
Universal life insurance is a type of permanent insurance. It is similar to and
developed from whole life
insurance, which has level premiums and a cash value
feature. One main difference is that universal life insurance is more
flexible than whole life in two ways:
- The death benefit and usually the premium payment are flexible. The death
benefit can be increased or decreased without surrendering the policy or getting a new one.
- Premium payments can be made anywhere from the minimum amount required to
keep the policy going, up to a maximum as required by IRS rules.
With universal life, the death benefit will last as long as you pay the
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