What Is Universal Life Insurance at Life

What Is Universal Life Insurance. A universal life insurance definition is a type of permanent coverage that offers flexibility. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill any other requirements of their policy to maintain coverage.

What is universal life insurance? That’s because it has a savings account inside the policy. Universal life is similar in some ways to, and was developed from, whole life insurance, although the actual cost of insurance inside the ul policy is based on annually renewable term life insurance.the advantage of the universal life policy is its premium flexibility and adjustable death benefits.

2020 Guide to Term Life vs Whole Life Insurance

It is made to cover you for your entire life and payout a set amount of money upon your death. Universal life insurance (ul) is a type of permanent life insurance that combines lifelong coverage with flexible payment options and an investment component. Universal life is a form of permanent life insurance. After qualifying for and purchasing a universal life insurance policy, the holder can receive coverage in the amount of their policy—as long as the premium payments are kept up.