Universal life insurance offers greater flexibility than whole or
term life policies. But it is a highly complicated insurance product
that takes some thought.
With universal life insurance, you have the option of reducing or
increasing the amount of your death benefit over time. If you choose
to increase it, you will have to provide medical proof that your
health has not deteriorated. After your first payment, you can pay
premiums at any time and in any amount - just make sure you don't
miss a minimum payment. Some policies may limit how much extra you
can pay in advance.
Universal life requires supervision, as you will need to maintain
sufficient funding, especially when the insurance company increases
charges.
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