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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.
Universal life insurance offers permanent coverage with a unique twist—flexibility.
Whole life insurance offers fixed premiums and guaranteed cash value growth, whereas universal life insurance provides flexible premiums, adjustable death benefits and a cash value component that ...
The flexibility of universal life insurance is designed to align with your financial goals and evolving needs, whether you prioritize adjustable payments, building cash value or customizing your ...
There are several types of universal life insurance policies, including interest-sensitive (also known as "traditional fixed universal life insurance"), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their ...
Variable universal life insurance (often shortened to VUL) is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts , similar to mutual funds , and the choice of which of the available separate accounts to use is entirely up to the contract owner.
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