Universal life insurance is a type of permanent life insurance plan that has an investment function and typically has lower premiums. If a policyholder wanted to access the money within the investment portion of the plan, they would be required to pay taxes on the withdrawals. Compared to whole life insurance, universal life insurance has a few more options. .
Premium payments can change over time due to a variety of factors, so it’s important for potential policyholders to consider their long-term goals. This may be a good choice if you are looking for permanent coverage, greater adjustability, and more awareness of how your cash value grows.
