Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Universal life is generally purchased to cover the beneficiaries of the policy from financial the liabilities of the policy insured. Universal life is a permanent form of cash value life insurance that can also benefit the policy owner during their lifetime with tax advantaged income they can use for retirement.
Universal Life Insurance comes in several different types, and who the policy benefits depends on what type of Universal Life policy you get. Guaranteed no lapse UL usually has the lowest premiums of any permanent policy. That type of Universal Life benefits those with low incomes who still want the protection of lifelong coverage.
Indexed Universal Life and Variable UL can be designed to provide tax deferred retirement income, or to borrow from for other needs.
Universal Life, in general, is very flexible, so is ideal for a family who wants to simply adjust one policy throughout the stages of their life, rather than buy a new term or whole life policy whenever the need arises.
.JPG){kind=avatar}
Indexed Universal Life and Variable UL can be designed to provide tax deferred retirement income, or to borrow from for other needs.
Universal Life, in general, is very flexible, so is ideal for a family who wants to simply adjust one policy throughout the stages of their life, rather than buy a new term or whole life policy whenever the need arises.