Universal Life Insurance offers a policy that pays out a lump sum when the policyholder passes away. The difference with this policy is that you gain interest on the sum of the money that is placed in an investment account. At a point within your lifetime, the amount of money in the investment account can match the amount you are insured for, meaning you will no longer have to make monthly payments.
Benefits of Universal Life Insurance:
While this is a more expensive policy as there is more risk involved due to the investment you make, you won’t know if it is for you until you do your research. Compare what different providers can offer you and their quotes online, to find the best deal on Life Insurance that will suit your needs.