Universal Life Insurance

 Universal life insurance combines two key features:

• Death benefit: Provides financial protection for your loved ones.
   
• Cash value: A portion of your premium builds tax-deferred savings that can grow over time.
   

You can adjust your premium payments and death benefit (within policy limits), making it more flexible than other types of life insurance.

•  Term life covers you for a set period (like 20 or 30 years) and has no cash value.
   
• Whole life offers permanent coverage with fixed premiums and guaranteed cash value growth.
   
• Universal life offers permanent coverage but with more flexibility in premium payments, death benefit amounts, and cash value growth.

 Yes. You may borrow against or withdraw from the cash value for expenses such as education, emergencies, or retirement needs. Keep in mind that loans or withdrawals can reduce your death benefit if not repaid.

 The cash value earns interest at rates set by the insurer, often with a minimum guaranteed rate. Over time, this growth can help offset premium costs or be used for other financial needs. 

 It’s a good fit for people who want:

• Permanent coverage with flexible payments.
   
• A way to build savings while securing life insurance.
   
• The option to adjust coverage as financial needs change.
   
• Long-term protection for loved ones while also building potential wealth.

Costs depend on your age, health, the death benefit amount, and how much you contribute toward the policy’s cash value. It’s generally more expensive than term life but offers more benefits and flexibility. 

 Yes. One of the biggest advantages is flexibility. You can adjust your premium payments (within certain limits) and change your death benefit amount to match your needs.