Universal Life Insurance
Definition
- A flexible life insurance policy that allows the insured to use aggressive investment options while still providing a tax-efficient vehicle for transferring wealth to beneficiaries after the policyholder passes away. Also known as "unbundled life insurance."
Synonyms
all-inclusive, all-embracing, flexible
Related Terms and Acronyms
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Single-Premium Life Insurance — Definition,
- Life insurance where all premiums are paid up front in a single lump sum payment.
- Variable Universal Life Insurance (VULI) — Acronym, Important,
- A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.
- Whole Life Insurance — Definition,
- Permanent life insurance with level premiums for the policyholder's entire lifetime.
