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Flexible Coverage That Grows With You

Lifelong protection with cash value growth and adjustable premiums for changing needs

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Universal Life Insurance

What Is a Universal Life Insurance Policy?

A universal life insurance policy is permanent life insurance that lets you adjust premiums and coverage. It also builds cash value that can grow tax-deferred over time. Key benefits include:

Lifelong Protection

Permanent coverage death benefit that financially protects your loved ones as long as premiums are paid

Flexible Premiums & Coverage

Ability to adjust payments and coverage to fit your financial situation over time

Cash Value Growth

Earns interest that accumulates tax-deferred over time

Access to Cash

Option for policy loans or withdrawals from cash value (these should only be taken in emergency situations if needed)¹

Tax Advantages

Cash value may grow tax-deferred; withdrawals are generally tax-free

Compare Universal Life Insurance Plans

There are several types of universal life insurance. Each offers lifelong coverage and flexibility, but the way cash value grows can differ. Understanding the key differences can help you choose the right policy to fit your needs, whether you prefer stable growth or want to link your cash value to market performance.

	Traditional Universal Life	Indexed Universal Life (IUL)	Survivorship Indexed Universal Life (SIUL)
Primary Goal	Flexible, stable protection	More growth potential	Estate planning for couples
Death Benefit Paid	Single life	Single life	Two lives, pays at second death
Premium Cost	Lower entry point	Moderate entry point	Higher due to two lives covered
Premium Flexibility	Flexible within limits	Flexible within limits	Flexible within limits
Cash Value Growth	Fixed interest rate	Tied to market index performance	Tied to market index performance
Loans & Withdrawals	Available, may reduce benefits	Available, may reduce benefits	Available, may reduce benefits
Risk(s)	Low – guaranteed minimum rate	Moderate – no direct market loss	Moderate – no direct market loss

How a Universal Life Policy Works

A universal life policy gives you both a death benefit and a cash value account. Each time you pay a premium, a portion covers the cost of insurance and fees, while the rest goes into your cash value. This cash value then earns interest, helping your savings grow tax deferred.

Pay Premiums: Based on your coverage, money goes towards insurance costs and cash value. You can choose to pay the minimum amount to keep the policy active or pay more to build cash value faster.
Policy Costs are Deducted: Insurer deducts the cost of insurance and any applicable fees or additional charges from your premium payment.
Cash Value Grows: Remaining premium is added to your cash value account, where it earns interest on a rate set by the insurer.
Adjust Premium and Coverage: Increase or decrease premiums and death benefit amount (within limits) as needs change.
Death Benefit: When the insured passes away, beneficiaries receive the policy’s death benefit (reduced by any outstanding loans/withdrawals).

Want a deeper dive? Read our full guide: What Is Universal Life Insurance (UL)? How Does It Work?

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Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is Universal Life Right for You?

Universal life insurance combines flexibility with the potential to build long-term value. It can be helpful for people who want permanent life insurance, but whose needs or financial situations may change over time. Below are some individuals who might benefit from universal life insurance.

Pregnant mother thinking about life insurance options

Flexible Planners

People who want coverage that can adjust as their needs change – e.g., being able to raise or lower premiums and death benefits as life evolves.

Business owner researching benefits of UL

Individuals With Variable Incomes

Those whose income goes up and down (like business owners, entrepreneurs, or gig workers) may benefit from UL’s adjustable payments that help maintain coverage even in leaner times.

Long-Term Savers & Wealth Builders

Individuals interested in accumulating tax-deferred cash value that can support future financial goals like retirement income, college tuition, or a first home.

Father gardening with daughter thinking about the future

Future-Focused Families

Families who want life insurance that not only provides financial protection but also builds resources to support major milestones and future security.

Pre-retirees researching retirement needs

Pre-Retirees Seeking Flexibility

People approaching retirement may want more control over how and when to use policy cash value, whether for supplemental income or other needs. For couples, a Survivorship Universal Life (SUL or SIUL) policy can also be an option, providing coverage for two lives under one contract and helping with estate planning and wealth transfer.

It is important to remember that universal life insurance can be complex. Fees, costs, and the risk of cash value changes should all be carefully reviewed before making a decision.

Not sure if UL is right for you? Compare all types of Life Insurance.

Frequently Asked Questions About Universal Life Insurance

A permanent life insurance policy with flexible premiums, adjustable death benefits, and tax-deferred cash value growth. It combines lifelong protection with financial flexibility.

You can pay more or less within policy limits. Paying more helps build cash value faster, while paying the minimum may only cover insurance costs. Your personalized universal life insurance quote will show different funding options.

Yes. If the policy is underfunded for too long, it may lose value and end. Annual reviews and proper funding help keep your policy in force.

Part of your premium goes into a cash value account that earns interest. Growth depends on the type of UL plan you choose – traditional UL, indexed UL, or survivorship UL. Explore our UL subtypes to see the differences.

Look at cash value growth method, premium flexibility, guarantees, and available riders. Our comparison table makes it easy to see differences between traditional UL, IUL, and SIUL.

UL can be a good fit for people who want lifelong protection but also need flexibility such as families, small business owners, or those with variable income. It may also appeal to long-term savers looking for tax-deferred growth.

Term life provides temporary, low-cost protection with no cash value. Whole life offers guaranteed growth and fixed premiums. Universal life gives you flexibility and the potential for greater cash value accumulation.

IMPORTANT DISCLOSURES

¹ Withdrawing or taking a loan from your policy may reduce its cash value, death benefit, and have tax implications.

These policies and benefits may not be available in all states, and benefits may vary by state.

Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

Life insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Please contact a financial representative for complete details.

Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.

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