Universal Life Insurance

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Universal life insurance is a variation on standard life insurance and is reasonably similar to whole life cover. It is a permanent form of life insurance whereby premium payments above the cost of insurance are added to the cash value of the policy.

A certain amount of interest – depending on the insurer – is added to the cash value each month, while the while a monthly premium charge is payable. This will be taken from the cash value if payment is not made.

With a universal life insurance policy you will:

Receive variable interest payments
Be able to enjoy a relatively stable investment option
Have flexible life insurance cover for a monthly/annual fee
Usually be able to alter the death benefit

It is worth noting that with universal life insurance, the death benefit will become void if the cash value or premium payments fail to cover the cost of the insurance. However, some policies come with a guarantee stating that if payments are maintained for a certain time period, the policy will continue to be valid regardless of the cash value. To find out more about universal life insurance, fill in the form below; a specialist life insurance advisor will search the market and be in touch with information and advice about the best universal life insurance for you.