Universal Life Insurance Policy

Universal Life Insurance Policy

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Universal Life Insurance Policy

Universal Life Insurance Policy definition:  A universal life insurance policy pays beneficiaries an adjustable amount when the owner dies. The policy provides coverage for the owner’s entire life (also known as permanent coverage) and does not need to be renewed. Similar to a tax-deferred investment, the policy’s cash value increases over time, and the earnings are only taxed when distributions are made. Universal policies are similar to whole life policies, with the exception that premiums, death benefits, and cash values are adjustable depending on the owner’s insurance needs. Beneficiaries are not taxed on their proceeds from a death benefit. However, life insurance policies may be included in the taxable estate depending on how they are structured.

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