Life

Universal Life

Universal Life is similar to Whole life in that is allows for a cash value accumulation, but the difference is that the cash value can actually increase the death benefit of the policy. Universal Life offers two ways for the policy's cash value to accumulate. The first way is one in which the cash value will actually reduce the amount of financial risk taken on by the insurance company (option A) and the cash value has a delayed effect on increasing the death benefit. The other has no change to the amount of financial risk taken on by the insurance company (option B) and any cash value accumulated in the policy will increase the death benefit.

The same pitfalls associated with loans on the cash value apply to those in a whole life policy, except for the fact that it will not reduce the death benefit below the original face amount of the policy. The diagrams below show how a UL policy death benefit will change with both option A and option B.

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