Universal life insurance is the most flexible of all life insurance plans.
Universal life insurance is a type of flexible permanent life insurance offering low cost protection of life insurance as well as a savings element, which is invested to provide a cash value build up.
It lets you choose the amount of protection you want, increasing or decreasing your coverage as your needs change. It lets you control the amount and frequency of your payments. If you have extra cash, you can pay more and the extra money grows tax-deferred. If you’re short on cash, you can pay less and let the policy’s accumulated cash value pay the remainder of the monthly charges. If you do decide to invest in a universal life insurance policy, be sure you plan to keep the policy for at least 15 years. It will usually take that long before you are eligible for any return on the policy.