1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Universal life is generally purchased to cover the beneficiaries of the policy from financial the liabilities of the policy insured. Universal life is a permanent form of cash value life insurance that can also benefit the policy owner during their lifetime with tax advantaged income they can use for retirement.
    Answered on September 11, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Universal Life Insurance comes in several different types, and who the policy benefits depends on what type of Universal Life policy you get. Guaranteed no lapse UL usually has the lowest premiums of any permanent policy. That type of Universal Life benefits those with low incomes who still want the protection of lifelong coverage.

    Indexed Universal Life and Variable UL can be designed to provide tax deferred retirement income, or to borrow from for other needs. 

    Universal Life, in general, is very flexible, so is ideal for a family who wants to simply adjust one policy throughout the stages of their life, rather than buy a new term or whole life policy whenever the need arises.
    Answered on September 11, 2013
  3. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>