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Universal Life Insurance


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Universal life insurance combines parts of term life insurance and whole life insurance into a single package. The lower rates of term life insurance are combined with the ability of whole life insurance to build a cash value over time. This type of insurance is usually offered as an additional benefit for company employees.


Universal protection packages are meant for anyone who is looking for the protection of a life insurance package or for asset building. The plans are usually purchased by large companies as a group policy to give to all employees, but individuals can purchase a universal type of protection plans on their own.


The most likely benefit that will be used in a universal protection plan is the death benefit. This is a benefit that pays out a specified amount of money upon the death of the insured. The payment can be used to offset the costs of death and transfer assets to the other family members more easily. The cash value of the universal protection plan will also become usable by the family of the deceased.


However, the death benefit is not the only benefit that can be used. A universal protection plan can also be used as a security against a loan if it has built up a cash value. No one has to die for this benefit to kick in.


The two major types of universal protection plan coverage are those plans that are meant for individuals and those plans that are purchased by companies in order to be a group policy for all of their employees.


The major benefit of a universal protection plan is the ability to pass on assets to family members and protect them financially in the case of an unexpected loss of the breadwinner's earnings.


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