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Universal Life Insurance

 

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Universal Life is one of two types of permanent life insurance. Universal Life is referred to as a permanent life insurance plan because the insured can keep this type policy up to age 100, or in some instances up to age 120. Universal Life Insurance builds cash value.

The name "Universal Life" is derived from consumer's many uses for this type of life insurance policy. Universal Life is also known as Flexible Premium Adjustable Life. Universal Life offers the insured a great deal of flexibility such as how the planned premiums are to be distributed, how often and other guidelines offered by various insurance company.

The Universal Life plans which are the most popular are policies which offer a minimum and maximum premium so that consumers get to select their comfort level monthly premium anywhere within the insurance company's minimum to maximum premium range.

Another advantage often times associated with Universal Life Insurance policies is the insured's ability to pay more than minimum premiums each year. Such excess premiums paid into the policy cause to occur a nest-egg result over time and that cash value can be withdrawn for major life events, weddings, new-borns, starting a business, etc.