Universal Life (Permanent)

Universal Life insurance simultaneously covers an individual for their entire lifespan while investing in their savings. Like whole life insurance, one designates a beneficiary to receive the benefit of this coverage, come end-of-life. However, with Universal Life, any extra amount of money paid above the cost of the rate can be added to a tax-preferred savings account to grow. This surplus can alternatively be simply added to the death benefit, depending on the individual’s preference.