Two Types Of Universal Life InsuranceBasic And Variable Universal Life InsuranceHome
Let us suppose you decided you wanted to buy some life insurance to protect your family. You could buy a term policy but you kind of like the idea of at least getting back some of your money years down the line if you don't die.  You decide you want to put $100 per month in the policy to start. You could apply $40 per month to the purchase of life insurance and the balance of $60 to saving. Everything goes well for a while. You have your life insurance and your money is growing nicely.Something happens! You have an addition to the family and you become aware that you need some more life insurance. The problem is that with all the additional expenses you don't want to put out additional money at this time. What you can do is to reduce the amount going to saving and increase what you apply to life insurance. Depending on your age, the life insurance company may ask for evidence of insure-ability. Incidentally, you have the choice of increasing or decreasing your saving at any time. The amount you have saved so far will stay in tact and continue accumulating interest. There are two types of universal life policies. The second type is known as variable universal life.
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