What is Universal Life Insurance?
Universal life insurance is a type of permanent insurance that offers lifetime coverage while allowing policyholders to adjust premiums and death benefits. This flexibility makes it an attractive choice for people seeking both protection and financial adaptability. Part of your premium goes toward a death benefit for your beneficiaries, while the remainder is allocated to a cash value account that grows over time. This cash value component can serve as an extra financial resource and can be accessed or borrowed against during your lifetime. For many in Florida, universal life insurance is not only about securing coverage but also about having a flexible tool for long-term financial planning. The cash value growth is tax-deferred, meaning taxes are only due if you withdraw funds. This provides a valuable resource to handle unexpected expenses, supplement retirement income, or cover other financial needs.
