By definition, something that is universal should be for everyone.

As you build cash value, you might use that money to pay the premiums.

Both the price of the premium and the death benefit amount are often flexible.

A happy couple and their baby walk in the woods.

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Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

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Ask one of these companies to help…

What Is Universal Life Insurance?

The premium includes charges for policy administration and the cost of insurance, which pays for the death benefit.

Together, they are the minimum amount necessary to keep the policy active.

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As you age, the cost of insurance (COI) often increases.

Any amount paid above the premium goes to the policys cash value, which earns interest.

The fees involved are all transparent.

For universal life, that is required to be disclosed separately to the policyholder.

Did you know?

So you get all kinds of flexibility there.

But if the cash value reaches $0, the policy can lapse.

How that money grows depends on the jot down of policy you buy.

Instead, both the premiums and the interest rates are set and fixed when you purchase a policy.

This key in of policy usually has a lower cash value.

Variable policies often have higher fees than other types of universal life policies.

Out of all life insurance policies:

The remaining 88% wereterm life or whole lifepolicies.

Why Should I Buy Universal Life Insurance?

In general, life insurance protects the financial security of a loved one when you die.

Which Is Better, Term or Universal Life Insurance?

While the flexibility of a universal life policy is appealing, Weisbart warns that it can have a downside.

Tiffani Sherman is a freelance writer who likes saving money so she can use it to travel more.

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…