This video titled ""Introduction to Universal Life Insurance"" explains that universal life insurance is a type of permanent life insurance offering more flexibility compared to traditional whole life insurance. It allows policyholders to adjust premium payments and the death benefit over time to fit their changing needs. The policy combines a death benefit with a cash value account that grows tax-deferred based on current interest rates. Key features include flexible premiums, adjustable death benefits, and the ability to access the cash value through loans or withdrawals.
Contributors: Tiana Zhao, FSA, CERA; Ryan Bruner, FSA, MAAA; Scott Allen FSA, MAAA; Jon Forster ASA, MAAA