Universal Life InsuranceUniversal life is an advanced form of whole life insurance. Similar to whole life insurance, it is cash value insurance and you do not get to choose how your premium money is being invested by the insurance company. Unlike whole life insurance, universal life insurance offers you flexibility in terms of the premium amount. You are free to decide the amount and time of the premium within the broad premium guidelines. Based on financial circumstances, you can also directly change the benefit of your policy, again within the policy norms. The changes to the premium amount, however, have a direct impact on the growth of the cash value and maybe the death benefit.
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