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Index Universal Life Insurance offers even more flexibility than whole life. Universal life insurance provides a savings vehicle, which generally earns a guaranteed rate of interest. 


The policyholder can withdraw or borrow against the fund as provided in the policy. 
Universal life policies also give the policyholder the option of adjusting the amount of their death benefit or premium payments as their needs change. 


Guaranteed Universal Life, like whole life, does not expire as long as you buy a policy that covers the rest of your life. You can buy a policy that will cover you to age 121 for maximum protection, or to a younger age if you’re trying to save money and don’t need coverage after a certain age.  
Within many companies, Universal Life Insurance is also known as Flexible Premium Adjustable Life Insurance policies because it is an adjustable benefit life insurance contract that accumulates cash values AND has a flexible premium. 


These policies allow the insured to increase or decrease their death benefit without having to buy another policy (however they may still need to prove insurability) which often eliminates the need to purchase multiple policies later in life.  

Unlike Term and Whole Life policies, Universal Life Insurance policies give the insured flexibility in terms of the amount of the premium they pay every month. 
However, the amount of premium they pay then determines how quickly (or slowly) the plan will accumulate cash value.

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