Universal life is a financial product which combines life insurance with the benefits of tax-advantaged investing. Universal life is one of the most flexible life insurance policies available. Due to its flexibility, you are able to customize your plan for when you buy it and can often make changes. The customization component relates to both the level of premiums paid and the types of investments held within the Universal life policy. Universal life is used for both personal and corporate use. This type of insurance is often used to support beneficiaries, pay tax liabilities, fund a buy-sell agreement, or provide a significant gift to a charity. As with other life insurance products, universal life can be an important component of an individual's financial and business plans.
