Universal Life Insurance
/ˌjuːnɪˈvɜːrsəl laɪf ɪnˈʃʊərəns/
Definitions
- (n.) A type of permanent life insurance combining a death benefit with a savings element that builds cash value, allowing flexible premiums and benefits.
She chose universal life insurance for its adjustable premiums and cash value growth.
Forms
- universal life insurance
Related terms
See also
Commentary
Universal life insurance policies offer policyholders the flexibility to adjust premiums and death benefits, which differs from traditional whole life policies with fixed premiums and benefits.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.