Universal Life Insurance

Universal Life insurance is the most complicated life insurance product. It is also the most flexible. Unlike Whole Life which is a "set it and forget it" policy, Universal Life can be adjusted after it is inforce.

Universal Life is permanent insurance that has its own investment account within it. As you contribute to the investment account that is within a fund of your choice, the insurance costs are pulled from it.

This product is for  the active investor looking for flexible coverage and another location for money to grow tax sheltered.

Pros

• Flexible coverage

• Permanent insurance

• Account growth is tax sheltered
  
  

Cons

• Most expensive insurance coverage