Universal Life Insurance Definition

Under the terms of the policy the excess of premium payments above the current cost of insurance is credited to the cash value of the policy which is credited each month with interest. Universal life insurance definition a type of insurance in which the payments of the insured are placed in an investment fund earnings from which pay the premium on term life insurance while any remainder continues to increase the policy s value. Most ul insurance policies contain a.

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Universal life insurance often shortened to ul is a type of cash value life insurance sold primarily in the united states.

Universal life insurance definition. The policy is debited each month by a cost of insurance coi charge as well as any other policy charges and fees drawn from the cash value even if no premium payment is made that month. Universal life combines the ability to build savings at the same time as providing you with a life insurance policy. Universal life insurance ul is a hybrid life insurance policy that combines elements of term life insurance with an investment savings option. Universal life ul insurance is permanent life insurance with an investment savings element and low premiums that are similar to those of term life insurance.

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