What is the difference between term whole life and universal life insurance?
Whole life insurance offers consistent premiums and guaranteed cash value accumulation. Universal policies provide flexible premiums and death benefits but have fewer guarantees. You can borrow against or withdraw the cash value with both a whole or universal policy.
What are the disadvantages of universal life insurance?
Universal life insurance is a type of permanent life insurance that offers the flexibility to change your death benefit and adjust your monthly premiums. Like whole life insurance, universal life coverage can last for your lifetime and build cash value that you can borrow against while you're alive.
Is universal life insurance permanent?
Universal life insurance (UL) is one of the two main types of permanent life insurance (the other is whole life insurance). Like whole life, a universal policy can provide lifetime protection while building cash value with tax advantages.
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