Universal life has two parts: a life insurance part and a cash accumulation part. The premium you pay is used to cover the monthly costs for the insurance. If the premium paid is higher than the costs for the insurance, the excess is accumulated as cash value and earns monthly interest and grows over time, typically on a tax-deferred basis1, until withdrawn as cash or used to help pay the costs of the insurance.
Why consider universal life insurance?
Unlike whole life policies, universal life insurance uses current interest rates determined by the insurer, which will usually be above the guaranteed minimum interest rate. Universal life insurance provides premium flexibility within maximum and minimum premium limits, generally provides a tax-free death benefit1,3, can offer the ability to withdraw funds, surrender for cash2 or borrow and use the insurance as loan collateral2.
Our universal life insurance options
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