Definitions for "Universal Life Insurance"
Life insurance that builds tax-deferred cash value for you either at a guaranteed minimum rate of return plus an additional return as credited by the insurance company or based upon market performance. It also lets you change the amount of your premium payments and/or coverage amount within certain limits, depending on your circumstances or needs.
A form of permanent life insurance characterized by flexible premiums, flexible face amounts, and unbundled pricing factors.
a combination of yearly renewable term insurance and a tax-deferred investment account. It pays a death benefit and builds up cash value, but the amount of cash value depends on the performance of investments that have been selected by the policy owner. Offers less guarantees than traditional whole life insurance policies.