Universal Life insurance
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Description
Universal Life (U.L.): U.L. is a product designed to give the insured person level premiums their entire life. It bases the premiums on the current economic conditions and the current life expectancies. These factors can change, therefore the policy is not guaranteed, but is an educated guess using past experiences. More premiums are needed than term insurance to make this product last an entire lifetime, but this develops a nice feature in that it allows a build up of cash value. Unlike "term insurance", when all the premiums that have been paid over 20 years are added up and compared to the cash value, the cash value will be greater than premiums paid. Two nice things are possible:
1.If the policy is continued the premiums stay the same. 2.If the policy were canceled at the end of 20 years the cash value would be enough to pay back all premiums paid.
1.If the policy is continued the premiums stay the same. 2.If the policy were canceled at the end of 20 years the cash value would be enough to pay back all premiums paid.
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Universal Life insurance