Universal life insurance is designed to provide permanent coverage to protect your family in the event of your death. Some universal life policies offer an option to guarantee the death benefit as long as specified premiums are paid, so you can feel the peace of mind of knowing you’re covered.
If your financial circumstances change month-to-month, a universal life policy can provide the flexibility you need. You can decide how much premium to pay within certain limits, as long as there is enough account value to pay for the monthly insurance and administrative charges. This means you have the option to pay extra sometimes, and less when you might need to.
Build Account Value
Depending on the premium you choose to pay, a universal life policy may accumulate account value. You can borrow from your policy to supplement your retirement income, provide funds for a child’s college education, or use it for any other purpose you choose1.