• Universal Life Unlike Whole Life offers flexible premiums and a flexible death benefit.
• Policy can remain in force until death or attained age of 121
• Premiums accumulate at a rate of interest, which usually include both a market rate for upside growth and a guaranteed rate of interest around 3% during low market times.
• Cash values can be accumulated and allow the insured at some point to resign from paying premiums, the premiums will be paid from the cash value accumulated account for the remainder of your life as long as there are enough to keep the policy in force.
• A popular strategy it to use the cash value to purchase a paid up UL policy in later years that will provide a guaranteed death benefit.
• Insured’s may also borrow money fro the cash value for financial needs at a low rate of interest like 3or 4% if they have accumulated enough funds. Borrowing from the cash value will reduce the death benefit but does offer some flexibility if the need for a loan did arise.

Universal Life is a very good product for providing a client options for how they use their money and cover the need for Life Insurance, the premiums are higher and will contain more administrative, monthly policy fees and transaction fees than what you would find in a term policy both products have their place in wealth and family protection.