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Variable Universal Life (VUL) insurance is a unique tool that blends protection, flexibility and investment options. It is a permanent, flexible life insurance product that can protect your loved ones in the event of your death, while providing the long-term opportunity for tax-deferred accumulation of cash value that can be used while you’re living.
The flexibility of VUL makes it useful for a variety of different financial planning purposes, and for both personal and business applications. Personal uses for VUL may include: family income protection, estate planning, charitable gifting and developing a supplemental source of retirement income. Business uses may include: key person coverage, funding buy/sell agreements or special executive compensation arrangements.
In short, a variable universal life insurance policy combines the core benefit of life insurance – protection for beneficiaries through an income-tax free death benefit – with significant flexibility for investors. It permits investors to structure policies to help meet their personal or business objectives through flexibility in premium payments, investment options and death benefits.
Variable universal life insurance involves the risk of investing in equity securities, including market risk and loss of principal. If the investment performance of underlying investments is poorer than expected (or if sufficient premiums are not paid), the policy may lapse or not accumulate sufficient value to fund the intended application. Investments in variable universal life insurance policies are subject to fees and charges from both the insurance company and the managers of underlying investments.
DID YOU KNOW:
Seventy percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today.
Source: LIMRA, Household Trends in U.S. Life Insurance Ownership 2010