Universal life insurance is a unique product in that it is actually two different products packaged together.
The first product is a one year annual renewable term life policy at the face amount listed on the policy.
The second product is a cash value account that grow at either a guaranteed interest rate or the current rate whatever is higher.
Universal life insurance has some advantages such as the ability to cash out at any time and the ability to change amount of premium payments.
Watch this video “What is universal life insurance?” for more details:
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