UNIVERSAL LIFE INSURANCE Flexible protection with universal life insurance

Universal life insurance is a policy that can cover you for an extended period of time—often longer than a temporary term life policy, but customizable to your needs. It can give you access to cash value to help you protect the future of your family or business. But the most unique feature of universal life is the flexibility to set your own payment schedule and level of coverage. You can also make certain adjustments in the future, as needed.

Universal life can provide long-term coverage as long as there is enough cash value in the policy to cover your policy’s monthly deductions. If you decide to end (surrender) your policy, you would receive the surrender value (the cash value minus any charges associated with canceling).

Universal life is highly customizable, so you can adjust coverage in many ways to fit your budget. Your own costs may depend on the policy you choose, the benefits you prefer, the amount of coverage you need, how you choose to fund the policy, and the length of time you’re covered. Your agent will help you find the right solution for your budget and goals, and can help you make adjustments in the future if you need. 

Universal life offers many benefits that you can customize to your needs and goals. It provides a long-term death benefit for your loved ones, helping to support them financially if you pass away while the policy is active. Universal life also builds cash value over time, which can help fund key expenses in your lifetime such as a down payment on a home or college tuition. You can access funds by taking out a loan from your policy or by taking out cash through what’s called a partial surrender.²

When you purchase a universal life policy, you choose how much to contribute with each payment (premium), how much coverage you have, and for how long. You’ll have the flexibility to change these features if your needs evolve. Additionally, as the policy grows in value over time, you’ll have several options: take out some of the cash value (a partial surrender) to support you in the short term; borrow cash from the policy and repay it to maintain the death benefit; and/or leave all cash in the policy to maximize the potential death benefit that would be paid to your loved ones if you pass away.