Coverage options
A guide to universal life insurance
A plain-English overview of universal life insurance and questions to raise before comparing policies.
Universal life insurance is a type of permanent life insurance that may include flexible features. Every policy is different, and assumptions about charges, crediting, and funding should be reviewed carefully with policy materials.
Flexibility can add complexity
Premium timing and coverage amounts may have flexibility under some policy designs. That flexibility should not be confused with a guarantee; policy values and coverage depend on the contract and how it is funded.
Ask to see the assumptions
Illustrations may use assumptions that are not guarantees. Ask which values are guaranteed, which are not, and what happens under less favorable assumptions.
Review the policy over time
For policies with changing values or charges, periodic reviews may be important. A review can help you understand whether your original goals and funding approach remain aligned.