Universal Life / Permanent Whole Life

Whole Life Insurance guarantees payout if you continue to make your premium payments. Part of your payment is also set aside into an investment fund (cash value) which you can borrow against.

Universal life insurance is a permanent type of life insurance with flexibility. As with whole life, it also invests a part of your premium in a tax-deferred, interest accumulating savings account, but in addition, it allows you to use the interest from this to pay your monthly premiums. The policy will cover your whole life too, not just a fixed term.
You can review the allocation of your payments into the death benefit and into the savings pot at any time, and can also move money between the two. All this flexibility means universal life insurance is better for those who are looking for a longer term plan, because your premium will start high and it will take time for the investment to start paying for itself.

Guarantee Universal Life Insurance guarantees your premium never increases and the death benefit never decreases until death as long as premiums are paid continually. Universal Life Insurance is a complicated product that requires you to understand complex illustrations. Contact us to discuss your insurance options.

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