Universal Life Insurance: The Basics – Part 1
Introduction
I describe permanent life insurance as a multipurpose jackknife that combines many useful tools into a single sleek package. Universal Life (“UL”) policies are the ultra-deluxe version that includes enough attachments to do anything from performing minor surgery or opening wine bottles. On the other hand, unless you are supremely confident in your surgical skills or don’t mind a little cork in your chardonnay, perhaps this mythical pocketknife isn’t always the best tool for the job.
Arguably, the same is true for UL insurance; although it is capable of many different uses, which is a wonderful thing, it isn’t always the ideal solution for every problem. All the same, since we don’t always know what to expect when wandering through the forest that is life, having something in our back pocket that can be useful in a variety of different scenarios is a very attractive option. On a similar note, UL may sometimes be a secondary tool you can use in conjunction with your preferred implement to improve your overall results. Of course, in other case, despite these cautions, maybe sometimes a UL policy is exactly what you need.