Universal Life Insurance

What is Universal Life Insurance? Universal whole life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and administrative charges.

Universal whole life insurance may be a good choice when you’re looking for permanent life insurance coverage to protect your family or business against financial loss from premature death. As a universal life insurance policy owner, you can control and change many features of your policy - it’s a product that easily adapts to changes in your life. 

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Some Universal whole life insurance policies offer a secondary guarantee, meaning the policy will not lapse if certain conditions are met.  Depending on the premium you choose to pay, a Universal life insurance policy may accumulate tax-deferred cash value, which you may access as a benefit while you are living. You may borrow from the policy to supplement your retirement income, provide funds for a child’s college education or any purpose you choose – an important financial safety net should you need it.  If cash is taken as a living benefit, the policy’s death benefit is then reduced by any outstanding loan and interest.*

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Universal life insurance provides you with death benefit protection along with options and features to meet your changing needs.  It’s life insurance for your lifetime.

*Early surrender charges apply to UL policies.  These charges may decrease the value of the policy substantially.  While the policy allows for cash in the short-term, such as loans and withdrawals, there are costs and risks associated with those transactions.  Policy loans and/or withdrawals also reduce the cash surrender value and the policy death benefit.  Taking a policy loan could have adverse tax consequences if the policy terminates before the insured’s death.  You should know that there may be little to no cash value available for loans and withdrawals in a policy’s early years.