Universal Life Insurance

Universal Life Insurance (UL) is a type of permanent insurance policy that combines annual renewable term insurance with a cash value component. Though similar to a whole life policy, there are several important differences. Where whole life has level premiums, a level death benefit and guaranteed cash values, universal life does not. Instead, universal life offers flexible premiums, adjustable death benefits and cash value accumulation that is not fixed or guaranteed.

Common uses of universal life insurance include:

• Family Protection - to provide funds to support a surviving spouse/family and pay final expenses.
• Business Planning - to fund split dollar plans, buy-sell agreements and provide key employee coverage.
• Accumulation Needs - to accumulate cash value for college education, supplemental retirement income, etc.
• Charitable Giving - to provide funds for a gift to charity.

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