These policies are ‘adjustable’ over the life of the policy, enabling you to adjust your death benefit, and your premiums, as your life changes. However, you will pay a price for that flexibility, and when you ‘adjust’ your policy, you may find that your premiums will go up significantly depending on your age and lifestyle at the time of that adjustment.   

Universal life policies are a great way to get a guaranteed death benefit and a ‘savings plan’ at the same time. 

Along with providing a death benefit, universal life insurance also incorporates a savings vehicle.

The money in the policy is tax-deferred so it is like having a savings account. 

And depending on how much money is in the tax-deferred account, you may not have to pay premiums for the entire term of the policy. 

If you accumulate enough money to pay the death benefit and other costs (like administrative fees and premiums) you may eventually be able to stop making policy payments.

Because a universal life insurance policy is an investment policy AND a life insurance policy, you might want to consider this kind of coverage to get you through to age 75 or 80.

This policy will ensure complete coverage for your beneficiary upon your death, and provide the opportunity to fund your own premium payments from the investment proceeds, so that you may not have to make payments as you get older and your annual income is reduced. 

Before you buy this kind of policy, be sure you plan to keep it in force for at least 15-20 years, because it will take that long to get a return on the amount in the tax-deferred coffer.