A universal life insurance plan is a type of permanent life insurance that offers cash value accumulation and flexible premiums. Universal life insurance was introduced in the 1980s as an alternative to traditional whole life insurance. Unlike whole life insurance, which has a level premium and guaranteed cash value accumulation, universal life insurance allows policyholders to adjust their premiums and death benefit levels as their needs change over time. This flexibility makes universal life insurance an attractive option for many people. In addition, the cash value accumulation feature of universal life insurance can provide policyholders with a source of tax-advantaged investment funds. Universal life insurance is a versatile tool that can be used to help meet a variety of financial goals.
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