Universal life insurance is a type of ‘whole’ life insurance that stays in effect throughout your life, no matter your age or health. It includes investments that can grow over time. This can help you save money for the future and provide you with cash when you need it most.

Most universal life policies include a policy fund, which can hold a variety of investment account choices to suit your needs. The investments in your policy can grow on a tax-deferred basis. This means you won’t have to pay tax on that investment growth until you withdraw money from the policy.