Whole Life Insurance
A Universal Life policy combines death benefits with a tax-deferred savings. This policy type is considered a permanent policy. It is most often used to cover expenses that will continue throughout a lifetime or for an indefinite duration while building a savings account that can be used for emergency cash or other financial goals.
Premiums will be higher than a Term Life policy, however the policy begins to build cash, and receives interest that is credited to the cash value. Premiums are paid into the policies cash account. Each month a mortality charge is deducted from the policy's cash value account for the cost of the insurance protection and expenses.
There are many different ways to use a Universal Life policy in a client's portfolio.
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