Glossary
Universal Life
A life insurance policy that allows the owner to have premium flexibility by changing the death benefit amount, and varying the amount or timing of premium payments. If you decide to increase the death benefit it will require evidence of insurability. Premiums, minus all expense charges, will be credited to the policy’s account from which mortality charges will be subtracted and to which interest is added at rates which can change over time.
It is the intent of Premium Finance to provide accurate and complete information regarding the definitions contained within the glossary of our website and although every effort has been made to ensure the accuract or completeness of this information, Premium Finance direct does not warrant or represent the accuracy or completeness of this information, but rather intends that this information be used as an informal resource guide. Most importantly, it is recommended that you consult with your insurance carrier(s) and your own insurance, legal and tax professionals regarding questions regarding new or existing life insurance coverage.