A Universal life insurance policy is a type of permanent life insurance that combines death benefit protection with a savings account. The policy holder pays premiums for the policy that are invested by the insurance company. The cash value of the policy grows over time with the ability to adjust premium amount, death benefit amount, and distribution options.

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Unlike term life insurance that has a set number of years for protection, Universal policies provide lifelong coverage for the insured as long as minimum premiums are paid. These policies have the ability to grow an extensive amount of cash value TAX-DEFFERED over time that can be used for loans, retirement planning, or debt payoffs.