Universal Life Insurance
A permanent life insurance policy with a twist! It gives you the power to tweak your premium payments and death benefit to suit your needs. Plus, it comes with a cash value component that doesn't just sit there—it earns interest and grows over time, like a little savings sidekick!
Detailed Explanation
Policyholders frequently have the flexibility to modify their premium payments and adjust the death benefit, all within specified limits.
Practical Example
Lisa has a universal life insurance policy. When she had a temporary decrease in income, she was able to reduce her premium payments for a period of time, and later she increased them when her financial situation improved.
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