answersLogoWhite

0

A universal life insurance policy is a cash value type of life insurance policy.

With universal life insurance, you policy may build up cash values over time, similar to a whole life policy, but typically less expensive than whole life insurance.

Another feature of some universal life insurance policies is called a "no lapse guarantee" With this feature, as long as you pay your premiums, the policy is guaranteed to last to age 100 and beyond depending on the specific carrier you choose. Compare this to a whole life insurance policy where the premium requirements may vary and depend on how dividends and interest rates perform.

User Avatar

Wiki User

14y ago

Still curious? Ask our experts.

Chat with our AI personalities

DevinDevin
I've poured enough drinks to know that people don't always want advice—they just want to talk.
Chat with Devin
ReneRene
Change my mind. I dare you.
Chat with Rene
RossRoss
Every question is just a happy little opportunity.
Chat with Ross

Add your answer:

Earn +20 pts
Q: What is a universal life insurance policy?
Write your answer...
Submit
Still have questions?
magnify glass
imp