Universal life (UL) is a type of permanent life insurance that combines the flexibility of customizable death benefit protection with the ability to build the cash value of your policy.
Universal life insurance benefits
Universal life insurance provides all the benefits of traditional life insurance, plus:
- Guaranteed death benefit up to a lifetime and the assurance that market conditions won’t affect your coverage
- Flexibility to set the amount of your monthly premium
- Flexibility to set the amount of your death benefit while the policy is in force (subject to underwriting approval)
- Tax-deferred earnings