Universal Life insurance can be a very effective form of permanent life insurance. Its primary purpose is to provide funding on death of the insured to cover long-term estate or business needs. Universal Life has unequalled flexibility to meet changing financial circumstances compared to its predecessors, which contained more structured terms and conditions.
For example, this Life insurance contract allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. In other words, you can change the amount, timing and frequency of your deposits. You can also reduce or increase the Death Benefit more easily than under a traditional whole life policy, as long as there is enough money in the investment account (Note: to increase your Death Benefit, the insurance company usually requires you to furnish satisfactory evidence of your continued good health.).
It's worth noting that Universal Life combines permanent life insurance with the benefits of tax-sheltered investing. There are three parts to a UL policy, namely:
1) Investment account;
2) Life insurance;
Every month you pay a deposit that goes into an investment account. Each month, the insurance company goes into this account and pays for the cost of insurance (COI) and administrative costs. Any money left in the account will earn a return based on the performance of the investments YOU select.
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