Learn about
Universal Life Insurance
A life insurance policy that is flexible.
What Is Universal Life Insurance?
Unlike Whole Life and Variable Life where you pay fixed premiums, Universal Life offers adjustable premiums that give you the option to make higher premium payments when you have extra cash on hand or lower ones when money is tight.
Features of Universal Life Policies
Most Universal Life policies will also provide a guaranteed rate of return on your cash values, with one important exception. It is possible that you will not accumulate any cash value if any, or all, of the following circumstances occur: administrative expenses increase, mortality assumptions are changed, the insurance company’s investment portfolio underperforms, premium payments are insufficient.
| Policy features | Whole life insurance | Universal life insurance |
|---|---|---|
| Lifelong protection, as long as premiums are paid | ✓ | ✓ |
| Cash value | ✓ | ✓ |
| Interest on cash value | Guaranteed rate of return | In line with current money market rates |
| Premiums | Fixed | Flexible |
| Death Benefit | Fixed | Flexible |
Tip
In recent years, there’s been considerable interest in what’s commonly referred to as Universal Life with Secondary Guarantees (also known as a “No-Lapse Guarantee”). With an ordinary Universal Life product, the policy could lapse under certain circumstances (e.g., interest rates fall below projections, insurance costs or administrative expenses rise, etc). When you buy a policy with a “secondary guarantee,” you’re guaranteed that the policy won’t lapse even if the above factors come to pass.
Customer Approved
Trusted By Our Clients
"From our first meeting to the last, our representative was professional, knowledgeable, patient, and quick to respond to our texts, emails, and phone calls!! Nothing but glowing things to say about him and Buffer Benefits!"
“My husband and I came to see Buffer Benefits regarding our future plans, specifically Medicare. Our representative took time with us to fully explain everything to our satisfaction and offered very knowledgeable suggestions. We loved his pleasant demeanor and candor, especially his sense of humor. The offices were beautifully decorated so warm and homey and we had a great experience there all around. Thanks so much for your help Buffer! “
“I received excellent and very personal help in making all my insurance decisions. I highly recommend Sean Turner and this group, They are there to serve and help any way they can.“