Universal Life Insurance

Also known as: Flexible Premium Adjustable Life

A permanent life insurance policy offering flexible premiums, adjustable death benefits, and an unbundled cash value account accumulating interest at current market rates.

“A life insurance policy characterized by flexible premiums, flexible death benefits, and the separate unbundled accounting of mortality charges, expense fees, and cash accumulation.”

naic-universal-life · UL Model Regulation § 2

Tested on

Life & Health

Related terms

Nonforfeiture Options

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