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Universal Life Insurance
Explanation:
A form of permanent life insurance which allocates a portion of your premium to a tax-deferred savings account.
Universal life insurance affords policyholders a measure of flexibility in that they can choose their investments, decide how much to invest (a minimum payment is always required to fund the death benefit), and temporarily forgo paying premiums if the cash value of their associated savings account can make up the difference. In addition, policyholders can borrow money from the cash account portion in order to supplement retirement income, for example. However, it's often difficult to determine the rate of return you're getting from the savings account side of a universal life insurance policy, so it's generally a good idea to get a term life insurance policy and separately invest the money you therefore save on premiums.