Universal life

Universal life is similar to whole life in that it combines protection, providing a benefit on the death of one or more named individuals, with a savings/accumulation element. Unlike whole life, there is normally flexibility in terms of the annual premiums once the accumulated amounts are large enough, there is a floor on the investment return guaranteed with some possibilty that actual returns may be higher, and there may be the ability to change the death benefits provided over time.

Last modified: 1/1/2017
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