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Universal life insurance is a life insurance policy which combines the low-cost protection of term insurance with a savings component more typical of whole life insurance policies. A portion of the monthly premium of a universal life policy is automatically invested in a tax-deferred savings account. There are two major advantages to a universal life policy. One major advantage of a universal life policy is that the savings portion of a universal life policy can be used to build net worth over time. The second major advantage of a universal life policy is its savings feature. Using this savings feature, a universal life policy holder may secure an extremely low-interest loan. If the policy holder should die without the loan being repaid, the amount outstanding on the loan is deducted from any benefits paid by the universal life policy.
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