Universal-life-insurance meaning

Universal life insurance is a type of life insurance that includes a term life insurance policy plus a tax-deferred savings plan and a death benefit.

A term life insurance policy with a tax-advantaged savings plan and a death benefit is an example of universal life insurance.

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A type of life insurance that pays a death benefit and also accumulates a cash value, thus acting as an investment. Some policies offer flexible premium payment plans, in which the amount and timing of the premium can vary based on the insured’s needs.
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