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Life insurance
Universal life insurance
Permanent coverage with flexibility in how you pay and how much protection you carry.
Flexible premiums
Within limits, you can raise or lower what you pay.
Coverage for life
Lasts your lifetime as long as the policy stays funded.
Cash value that earns interest
Cash value earns interest at a rate the carrier credits.
Adjustable death benefit
Some policies let you change the amount as your needs change.
How it works
Universal life pays a death benefit for your whole life as long as the policy stays funded. Part of each premium goes to the cost of insurance and the rest builds cash value, which earns interest at a rate the carrier credits. Within limits, you can change the premium amount and sometimes the death benefit.
What to look at before you buy
- Whether the credited interest rate is guaranteed, and the minimum
- How the cost of insurance changes as you age
- What happens if the cash value is too low to pay the monthly charges: the policy can lapse
- Surrender charges and fees
Is it right for you?
Universal life can fit people who want lifelong coverage and room to adjust payments over time. The flexibility needs attention: paying too little for too long can end the coverage. We ask for the carrier illustration in writing and explain the guaranteed numbers, not just the projected ones.
Ready to get started?
Universal life or whole life?
| Feature | Universal life | Whole life |
|---|---|---|
| Premiums | Flexible within limits | Usually fixed |
| Death benefit | Often adjustable | Usually fixed |
| Cash value growth | Credited interest rate, with a stated minimum | Rate set by the carrier |
| Risk of the policy ending | Higher if underfunded for too long | Lower if premiums are paid |
| Often chosen for | Lifelong coverage with room to adjust | Lifelong coverage with predictability |
General comparison. Features, costs and guarantees vary by carrier and policy. Read the policy details before you decide.
In one minute
Universal life in one minute
A quick video that explains the basics in plain language.
How much life insurance do you need?
Answer a few questions and see an estimate in about two minutes.
Questions and answers
Common questions about universal life insurance
Is universal life cheaper than whole life?
It can cost less at the start, but cost depends on the carrier, your age and health, and how the policy is funded. Compare the guaranteed figures side by side.
Can a universal life policy lapse?
Yes. If the cash value cannot cover the monthly charges, the policy can end. Ask for the carrier illustration and check the guaranteed figures, not just the projected ones.
Are there different kinds of universal life?
Yes. Some credit a declared interest rate, and others link growth to a market index. Each has its own limits, caps and costs.
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Tools and guides
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