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Universal life insurance is a permanent life insurance policy that includes investments that grow over time.

Universal life insurance is a type of ‘whole’ life insurance that stays in effect throughout your life, no matter your age or health. It includes investments that can grow over time. This can help you save money for the future and provide you with cash when you need it most.

Most universal life policies include a policy fund, which can hold a variety of investment account choices to suit your needs. The investments in your policy can grow on a tax-deferred basis. This means you won’t have to pay tax on that investment growth until you withdraw money from the policy.

Depending on how well your investments perform, there are many ways you can use the policy fund to your advantage. You can use your policy fund to:

Pay off your premiums.

Buy more insurance coverage.

Save up for retirement.

Grow your savings for short- or long-term goals.

You can also take money out of the policy fund or borrow money from it for any reason, at any time.*
 

*Any money you withdraw or borrow can reduce the policy’s death benefit unless you repay the loan. The death benefit refers to the amount of money your beneficiaries receive after you die. So before taking money out, be sure there the remaining death benefit value will be enough to protect your beneficiaries.

 

Frequently Asked Questions

There a re four popular types of life insurance:

  • term life insurance,
  • permanent life insurance,
  • participating life insurance and
  • universal life insurance policies.

Learn about the differences between these types of insurance

It helps if you can buy life insurance at a young age. Here are two reasons why:

  1. It’s cheaper. The younger and healthier you are, the more likely you’ll get lower monthly premiums. (Premiums are your life insurance fees.)
  2. It’s easier to get approved for it. Your life insurance application is more likely to be approved if you’re healthy. So seeking out health insurance while you’re very young and in good health makes it much easier to get coverage.

Learn more about how why it helps to get life insurance early

There’s no “one-size-fits-all” type of life insurance. You have to look at:

  • your personal needs and goals,
  • your current financial situation and
  • what you can afford right now.

Start by comparing the four main types of life insurance. Remember, that you may need more than one type of insurance to meet your needs. Consider talking to an advisor for help. An advisor can help you build insurance into your plan. 

Got questions? We’re here to help with our great advice. 

Before buying life insurance, it helps to understand the different types of coverage available and the benefits they offer. This is where talking to an advisor can be a huge help.

An advisor can:

  • help you build life insurance into your overall plan,
  • explain the tax implications that may come with your policy and how it affects your finances, and 
  • answer questions or address any financial concerns you may have. 

Most advisors now offer to talk to Clients by phone or video chat. Find an advisor today.