Universal life insurance

Universal Life Insurance

Universal life insurance

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Universal life insurance (often shortened to UL) is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a stock, bond or other interest rate index.

Similar life insurance types

A similar type of policy that was developed from universal life policies is the variable universal life insurance policy (VUL). VUL allows the cash value to be directed to a number of separate accounts that operate like mutual funds and can be invested in stock or bond investments with greater risk and potential reward. Additionally, there is the recent addition of equity-indexed universal life contracts analogous to equity-indexed annuities that invest in index options on the movement of an index, such as the S&P 500, Russell 2000, and the Dow Jones (to name a few). These type of contracts only participate in the movement of the index and not the actual purchase of stocks, bonds or mutual funds. They may have a cap (but not always do) as to the maximum amount they will credit...
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