There are several reasons why universal life (UL) insurance could be right for you. To make sure, you need to create a financial profile that establishes your risk tolerance and confirms your economic goals. Universal life insurance has four policy types: guaranteed UL for indemnification and three current assumption ULs for income based on crediting options like interest rates, indices and separate subaccount using equities and bonds investments.
Guaranteed UL is generally cheaper than participating whole life and the three UL types have saving and/or investing options to accumulate tax deferred cash values and the potential with a TAMRA compliant non modified endowment UL to generate tax free income as long as the policy is kept in force for the life of the insured.
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Guaranteed UL is generally cheaper than participating whole life and the three UL types have saving and/or investing options to accumulate tax deferred cash values and the potential with a TAMRA compliant non modified endowment UL to generate tax free income as long as the policy is kept in force for the life of the insured.