universal life insurance

American  

noun

1. a type of insurance in which the payments of the insured are placed in an investment fund, earnings from which pay the premium on term life insurance while any remainder continues to increase the policy's value.

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Other Word Forms

• universal-life adjective

Example Sentences

Since the Harrises placed a priority on leaving an estate, for example, Mr. Smith advised them to buy a variable universal life insurance contract, which had an investment component and tax-free benefits for beneficiaries.

From New York Times

Bates, who worked for Universal Life Insurance Co., grew up four blocks from The Four Way.

From Washington Times

According to data from China’s insurance regulator, Anbang earned $9.2 billion in income derived mostly from universal life insurance products in January, compared with just $1.3 million a year before.

From New York Times

The deal can even get worse when we consider whole life insurance and universal life insurance, which are designed to accumulate a cash value using internal investments along with providing coverage.

From The Wall Street Journal

So they’ll sometimes recommend whole or universal life insurance policies, which allow for stock market investment on the side.

From Slate