Universal Life

Universal Life products were introduced widely in the 1970s, and have become one of the most popular life insurance products due to the flexibility they offer. Premiums can be increased or decreased – even eliminated for a time. Face amounts can be reduced or increased, all without changing to a different policy. Costs and expenses are broken out in these policies, so the purchaser has a clear understanding of what they are paying for. The newest twist on Universal Life is Guaranteed Universal Life, which provides a fully guaranteed death benefit, similar to whole life, but typically at a substantially lower premium.