When searching for life insurance, you will come across a variety of different policy options. Each policy is geared for a different purpose when it comes to providing for you and your beneficiaries. A universal life insurance policy is just one of the many options you have for life insurance. 

What Is Universal Life Insurance?  
There are two main forms of permanent life insurance. The most common form is whole life, but universal life is also a fitting option for many. These policies go into place and remain there until you cancel them.  

Universal life coverage, also known as adjustable life insurance, offers a bit more flexibility than your average whole life insurance policy. With this coverage, you can increase or reduce the amount of your death benefit. You sometimes also are able to pay for your insurance flexibly, outside of minimum payment requirements. While there are limits, this type of flexibility gives you more control over your needs.  

What Is the Death Benefit?  
The death benefit is the key component of any life insurance policy. It pays money to the person you name as your beneficiary. At the time of your death, the death benefit moves to this person. They can use it as they would like to, unless you place restrictions on usage.   

With universal life insurance, death benefits can be set at a fixed amount. However, they can also be an increasing value. In that case, the death benefit builds up over time. This type of life insurance also has a cash value. This cash value amount is accessible to you, as the policy owner, as the policy builds value over the years.  

How Payments for Life Insurance Work 
With universal life coverage, you may wish to change how often and how much you pay in premium costs. You can pay a lump sum payment at the start of your policy. Or, you can choose increasing premiums, which grow over time but may start out more affordably. This allows you more freedom to invest as much as you want and can when it fits your budget to do so. 

Having life insurance of any type can be worthwhile. However, universal life insurance gives you a bit more coverage, and it allows you to have more flexibility than other plans do. Most often, this type of insurance can protect your family and give you some cash value to use during your lifetime.  

Speak with an insurance agent about choosing the best life insurance option for you and your beneficiaries.