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Universal Life Insurance Explained

A flexible-premium, current-assumption, adjustable-death-benfit policy. similar to traditional policies, universal life pays a death benfit and accumulates cash value. Unlike traditional products, universal life completely seperates the protection element from the accumulation element of the policy. Universal life is a combination of annual term insurance and a savings element. The amount of cash value will determine usually how long the policy will last or stay in force. As you get older the term cost goes up and is withdrawn from the cash value. If the cash value is not sufficient to pay the term cost your policy may terminate unless you pay in additional premiums. There are many variations of this product and a thorough understanding of these provision and how the interest is credited are critical for the proper results to happen. (see sample documents section for further information) This type of insurance does not usually have NON FORFEITURE VALUES. Non forfeiture values are the guraantees usually found in Whole Life Insurance and give you the ability to pay up the policy and guarantee a benefit with no more payments.(see Whole Life)

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