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-embracing, flexible, all-inclusive

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.
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