<ul data-eligibleForWebStory="true"><li>Universal life insurance is a type of permanent life insurance with a cash value component and flexibility in premium and death benefit adjustments.</li><li>There are four main types of universal life insurance, with traditional universal life being the primary focus.</li><li>The average cost of universal life insurance is around $90 per month for a $250,000 policy for a 30-year-old female.</li><li>Premiums depend on factors like age, coverage amount, medical condition, and lifestyle.</li><li>Forbes Advisor has analyzed over 6,600 universal life policies to determine the best companies based on cash value growth and other factors.</li><li>It is advisable to consult with a financial advisor before purchasing a universal life insurance policy to understand its complexity.</li><li>Understanding policy costs, including fees, is crucial as high fees can reduce the amount that goes towards cash value.</li><li>Policy illustrations provide guaranteed and non-guaranteed projections, and it's essential to consider both when evaluating a policy.</li></ul>

Universal Life Insurance: What It Is & How It Works

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