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Pictures. Universal life (ul) insurance is permanent life insurance with an investment savings component. Universal life insurance is a type of permanent life insurance that allows policyowners to decide how much premium to pay (so long as stated minimum universal life insurance companies:
Another portion also goes to building up the policy's cash value.
What is supplemental life insurance? It's similar to whole life, but with more flexibility to change your premiums, payment frequency, and coverage amount. This is a tricky decision and has a lot of drawbacks. However, if sufficient, the accumulated cash value will cover the increases in the coi.