A Universal Life Saving Plan is a flexible permanent life insurance policy that combines a death benefit with a cash value component. This type of insurance allows policyholders to save and invest over time while ensuring their loved ones are financially protected.
Lifelong Coverage
Unlike term insurance, which provides coverage for a specific period, universal life insurance offers lifelong protection as long as premiums are paid.
Financial Flexibility
With adjustable premiums and death benefits, policyholders can tailor their plans to meet changing financial needs.
Tax Advantages
The cash value grows tax-deferred, and death benefits are typically paid out tax-free to beneficiaries, providing financial benefits.
Access to Cash Value
Policyholders can borrow against or withdraw from the cash value, providing liquidity in times of need, though this may reduce the death benefit.
