What Is Universal Life Insurance?

As long as you pay the premiums that they charge you for that contract, that insurance policy is guaranteed to stay in force. Universal life insurance was developed as a solution to the inflexibility of whole life insurance. There's a premium payment every single year for a one year term policy that needs to be paid to keep the life insurance policy in force. Every single year, it's going to be an amount of mon that comes from that sack of money and goes over and pays thePremium inside of your universal life insurance contract.