Universal Life Insurance
Universal life insurance is a type of permanent life insurance. It allows the policy owner to vary, within limits, the amount and timing of premium payments and the death benefits.* You have the flexibility to adjust the death benefit as your needs change, as well as the option to pay smaller or larger premiums — depending on your financial circumstances. This payment versatility is often very helpful for families who may have fluctuations in their ability to pay.
Cash values are accumulated by crediting premium payments and interest to a fund. Deductions are then made for expenses and cost of insurance. The rates at which interest is credited are declared by the company or may be specified in the contract.
Universal life insurance policies usually have two sets of premiums — guaranteed maximum premiums and current premiums. Current premiums may be lower, but the insurance company can raise them to the maximum. These premiums also include a minimum interest guarantee. Because of its flexibility, a universal life policy can also be structured to operate like term insurance.
Advice Focused On You
For help in deciding what type of insurance best meets your goals and objectives, our Financial Advisors have the know-how to help you navigate the world of insurance. Call us today at (800)392-3009 to schedule an appointment with a Financial Advisor or visit any People's United branch and ask to see one of our life insurance licensed employees.