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Universal Life
Type of coverage:
Permanent. Builds cash value.

Premium:
Flexible.
Premium can be increased or decreased at anytime (with certain limits). Premiums can even be skipped. This however will have a direct impact on the cash

Value.
When designed properly, premiums may never increase which makes it a very attractive alternative to term life insurance. Cash value may be used to pay premiums.

Cash Value:
Cash value accumulation depends on current and future interest rates and current and future policy charges imposed by the company. Interest is guaranteed to never go below a certain percentage (usually 4%). Policy charges are guaranteed never to pass a certain level. This worst case scenario (minimum interest, maximum charges) is illustrated below by the guaranteed values.
Current interest and charges are illustrated below by the non-guaranteed values.
Actual performance may differ.

Death Benefit:
Death benefit guarantee is optional.

Comments:
Universal Life is a very flexible type of insurance with numerous different options. It can be customized to fit your particular situation. It is a valuable tool to supplement retirement income since it offers tax deferred growth of the cash value and potentially level, guaranteed premium.
The actual cash value performance - when illustrated in periods of low interest - may be significantly higher since the long term average interest might be substantially higher that the illustrated interest and vice versa.

Sample Illustration.
35-year-old male, healthy, non-smoker, $ 250,000 Death benefit, $ 1700 annual premium

Sample Illustration of Universal Life

 

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