Universal Life

Universal Life Insurance Policies

Chicago Insurance Advisors


Universal life insurance is sometimes provided by employers as a workplace benefit. It is a form of coverage providing a death benefit. The purpose is to help loved ones ease their financial burdens following the policyholder’s death. There are various types of universal policies, and each meets the needs of the individual.

Universal Life Insurance Policies

A universal life policy pays a premium to a policyholder’s beneficiaries upon the policyholder’s death. Some policies offer lifetime protection, and others provide financial growth opportunities. Those types of policies let the policyholder borrow against the value of their policy.

A universal life policy will specify the type of benefit that it offers. The most popular form allows a policyholder to choose a specific amount of coverage for the death benefit. Other policies have variable death benefits, and the amount fluctuates depending on the value of the policy. Another form of coverage includes the basic amount of a death benefit plus premiums. If a policyholder borrows from a life insurance policy, they must be repaid before the final amount of the death benefit is given to beneficiaries.

Universal Life Policy Benefits

No one wants to die and burden their loved ones. Dealing with death is hard enough without adding financial worries. A universal life policy makes it possible for the deceased to make sure their family can afford living expenses. It is also beneficial that policies can be tailored to meet individual needs. Policies that allow policyholders to specify the amount of coverage, and have access to loan funds, are especially beneficial.

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