Universal life insurance policies have the advantage of building cash value. Cash value may be withdrawn in the form of policy surrender or a policy loan (subject to surrender charges, loan interest rates and policy conditions).

The biggest advantage of a universal life insurance policy is its flexibility. The coverage amount, premiums and payment schedules can be adjusted to meet your changing needs.

With universal life insurance you may increase your death benefit (subject to underwriting) or decrease your death benefit at any time. As events in your life occur, you’ll be able to make changes to your policy.

Instead of having multiple life insurance policies taken out on each family member, why not add them to your own policy? Universal life insurance allows multiple secondary insureds so that your whole family can be covered under one policy.

Conversion privileges are also available at any time so that secondary insureds can have their own life insurance policy without going through underwriting.