Whole Life Insurance lacks flex?ibility-that?s a pretty well-known fact. For example, there are some unsettling questions (for some people) concerning Whole Life insurance.? What if the insured can?t afford to pay a premium? What if the insured wants to decrease the death benefit due to a life change that doesn?t need that level of coverage anymore? Universal life?insurance alleviates those concerns.
Another issue with whole life?insurance is the fact that the inner workings of the policy are not required to be transparent to the owner. He cannot see the whole process of his Whole Life?s day-to-day?s policy. Thus, the insured individual might ask: What are the actual cost of insurance and expenses at the moment? ?How much did my policy earn and where was it invested?? Universal life insurance usually makes all of these items fully transparent.
Universal and Whole insurance are permanent policies. Their ambition is to provide for the policy holder?s family when he/she dies, regardless what age that may be at. Universal Life?insurance also enjoys a cash value that will assist the insured to make uncertain insurance cost fluctuations as the policy-and the owner-matures.
Source: http://www.internetbusinessonlineblog.info/2012/03/universal-life-insurance/
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