Does universal life have a guaranteed death benefit?

Does universal life have a guaranteed death benefit?

Guaranteed universal life insurance shares features of both permanent and term life insurance. Policies provide lifelong coverage and a guaranteed death benefit at a price that’s more affordable than other permanent life options. However, cash value accumulation is minimal.

What’s Wrong With whole life insurance?

Policygenius reports that whole life insurance can cost six to 10 times more than a comparable term policy. That greatly increases the odds that you won’t be able to afford your premiums at some point down the line. If that happens, you may have no choice but to drop your coverage, leaving your loved ones vulnerable. Feb 10, 2020

Does universal life have cash value?

Universal life insurance has a cash value component that is separate from the death benefit. Each time you make a premium payment, a portion is put toward the cost of insurance (such as administrative fees and covering the death benefit) and the rest becomes part of the cash value. Dec 7, 2021