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Universal life insurance is a type of permanent insurance, which means it provides coverage for life. When the insured dies, the policy leaves a guaranteed amount of money to the named beneficiaries. That amount is called a death benefit.
In addition to the death benefit, universal life insurance also contains a cash value. The cash value grows tax-deferred until funds are withdrawn.
Unlike term and whole life insurance, universal life insurance provides an additional level of flexibility. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.