1. 4470 POINTS
    Brandon Roberts
    Owner, The Insurance Pro Blog,
    This could be a few different things, but generally speaking it's a life insurance policy with a non-forfeiture benefit (aka an ability to accumulate a cash value that can be redeemed upon policy surrender or used to provide for a degree of policy benefits if the policy holder decides he or she no longer wishes to pay the premium due on the original policy).
    Answered on November 3, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    When you purchase universal life insurance through a group policy, your employer may offer you a chance to put away extra cash in a cash value accumulation fund that is a part of your universal life policy. It affords you the opportunity to pay beyond your premium, to have the excess grow in a tax deferred account at a competitive interest rate. You would need to look at the illustration of projected cash accumulation, and compare it to other savings/investment plans to determine if it is a good option for you.
    Answered on November 3, 2013
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