Universal Life Insurance

Universal life insurance is a type of flexible, permanent life insurance that can provide life-long protection. There are many available options, so you can tailor a plan that is perfect for your needs. Following are some tips to help you understand universal life insurance and a popular available option. Tip 1. Understand Universal Life Insurance • Universal life insurance builds cash value. • Policies that build cash value are particularly attractive for the safety net they can provide during the policy holder’s lifetime and the financial security provided for beneficiaries after the policy holder’s lifetime. • Universal life insurance policy holders enjoy the benefit of flexibility. • Universal life insurance policy holders can make changes to policy premiums and payouts based on life stage and age. Universal life insurance can meet the needs of policy holders at every stage of life. Tip 2. Universal Life Insurance Offers Important Tax Advantages • Policy holders enjoy interest bearing accounts with growth that is tax-deferred. Many universal policies accrue interest at guaranteed rates. • Beneficiaries generally enjoy tax free policy payouts.