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Universal Life Insurance
Universal Life Insurance
Universal Life insurance is a variation of Whole Life insurance.
Instead of fixed premiums, you can pay premiums any time, in almost
any amount within the policy's required minimums and maximums. You
can also reduce or increase the amount of your death benefit. As
in Whole Life, cash value builds within the policy. While there
are guarantees built into the policy, the cash value is based on
the performance of the company’s investment portfolio and
on how much premium is paid.
If you decide to purchase a Universal Life insurance policy, you
will need to actively manage it to maintain sufficient funding,
especially because the insurance company can increase charges (like
mortality and expenses). Additionally, since part of your premium
is invested by your insurance company, you'll need to carefully
choose the right company that fits your needs and objectives.
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