As we venture on this journey called life, different needs arise based on the different situations we face.  As we grow, our needs change.  In relation to this, our needs for insurance also change.  Good thing there is Universal Life Insurance.

Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value.  This policy is so flexible that you can choose to change the amount of your insurance based on your changing needs.  Keep in mind though, that some changes require underwriting approval.

Generally, as with all life insurance, Universal Life insurance policy’s purpose is for the death protection provided to your loved ones at your passing.

In a nutshell, here are the benefits of Universal Life Insurance:

* Flexibility. You decide how much life insurance you need — and subject to certain requirements and limitations, you can adjust the death benefit and premium payments to fit your changing needs.

* Security. You help protect your loved ones against possible financial hardship in the event of the insured’s death.

* Tax-Free death benefit. Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary.

* Tax-Deferred account value growth. Your policy’s Account Value earns interest at the company’s current interest rate — federal income tax deferred. The current interest rate is guaranteed to be at least 4% a year.