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Universal Life Insurance: Combining Insurance with Investing

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Insurance and investmentsUniversal life insurance is a type of life insurance that combines elements of an investment portfolio with the death benefit of regular whole-life insurance. With universal life insurance, a policyholder puts money into an investment account and gets more control over what happens to his or her money while it’s invested.

One interesting feature of universal life insurance is that premiums don’t have to be paid on a set schedule. Instead, the policyholder can make the initial premium payment and then decide to make the remaining premium payments at any time. The policyholder has to make sure, though, that his or her premium doesn’t fall below a certain minimum level. Part of the money for the premium can even be taken out of the cash value of the policy’s account.

Another feature of universal life insurance is that the policyholder can change the death benefit of his or her policy. If the policyholder decides to pay a lower premium, he or she can lower the death benefit accordingly. If the policyholder wants to secure a higher death benefit for his or her beneficiaries, he or she can simply pay a little bit more and let the insurance company know that he or she wants to raise the benefit amount.

 

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