Life Insurance
Universal Life Insurance
Universal life insurance is permanent coverage that combines a death benefit with a savings component, giving you more flexibility over premiums and how money inside the policy is invested.
How it works
Part of each premium pays for the insurance; the rest can go into investment accounts within the policy, where growth may be tax-advantaged within limits.
Premiums can often be adjusted within set limits, which adds flexibility — but also responsibility to keep the policy properly funded.
Insurance costs inside the policy may be level or increase with age, depending on how the policy is set up.
Things to consider
Funding
Underfunding a policy can cause it to lapse. Review it regularly.
Investment choice
Returns depend on the accounts you choose and are not guaranteed.
Cost of insurance
Understand whether costs are level or increase with age — it changes the long-term picture.
Complexity
Universal life has more moving parts than term or whole life. Make sure each one is explained.
Frequently Asked Questions
Can I change my premiums?
Within limits set by the policy, often yes. Paying too little for too long can put the coverage at risk.
Is the investment growth guaranteed?
No. Growth depends on the investment options chosen within the policy.
Other types of life insurance
Term Life Insurance
Coverage for a set period, usually at the lowest cost.
Whole Life Insurance
Lifelong coverage with fixed premiums and guaranteed cash value.
Participating Whole Life Insurance
Whole life coverage that may pay dividends.
No-Medical & Guaranteed Issue Life Insurance
Simplified coverage without a medical exam.
Mortgage Life Insurance
Coverage built around paying off your home.
Joint Life Insurance
One policy covering two people.
This page provides general educational information only and is not personal financial advice. Coverage availability and terms depend on the insurer and your individual circumstances.
Protecting Your Future Starts With Understanding What You Need.
Have a free, no-obligation conversation with a licensed advisor — get your questions answered before you decide anything.