Currently am looking into Universal Life, and so far it seems to be pretty impressive. From what I understand so far, Universal Life offer the following benefit, correct me if I'm wrong.
1. Decrease or increase in DB, according to your life situation for the years to come. E.g. Now I have a $100K DB, but in five years I lost my job and cannot afford the premium of $100/month, I can reduced my DB to $75K. But within another 5 years I'm back to my normal earning, I can changed my DB back to $100K or higher.
2. Option to choose cash accumulation in addition to DB. This mean if I have a DB of $100K and when I passed away, my subaccount is $50K, my beneficiary will get $150K?
3. Withdrawn from the subaccount, with interest, similar to a WL policy, yet my DB is still the same? So let's say in 20 years my subaccount accumulate $20K, I can take out those $20K for personal need, yet when I passed away my beneficiary still get the $100K DB, if I do not pay the whole $20K back to the insurance company.
4. Flexible premium, Min, Target and Max.
But what is No Lapse and Lapse? Does lapse mean you can skip payment(s), yet still have the policy in force and when you passed away the DB is still the same? And No lapse when you cannot skip a single payment to keep the policy in force?
Still many questions but this is all I have for now. I read over and over again the numerous book I have on UL, WL, TL, and VUL yet none of them actually explain what I am seeking for. Maybe they do, but no in plain language.
1. Decrease or increase in DB, according to your life situation for the years to come. E.g. Now I have a $100K DB, but in five years I lost my job and cannot afford the premium of $100/month, I can reduced my DB to $75K. But within another 5 years I'm back to my normal earning, I can changed my DB back to $100K or higher.
2. Option to choose cash accumulation in addition to DB. This mean if I have a DB of $100K and when I passed away, my subaccount is $50K, my beneficiary will get $150K?
3. Withdrawn from the subaccount, with interest, similar to a WL policy, yet my DB is still the same? So let's say in 20 years my subaccount accumulate $20K, I can take out those $20K for personal need, yet when I passed away my beneficiary still get the $100K DB, if I do not pay the whole $20K back to the insurance company.
4. Flexible premium, Min, Target and Max.
But what is No Lapse and Lapse? Does lapse mean you can skip payment(s), yet still have the policy in force and when you passed away the DB is still the same? And No lapse when you cannot skip a single payment to keep the policy in force?
Still many questions but this is all I have for now. I read over and over again the numerous book I have on UL, WL, TL, and VUL yet none of them actually explain what I am seeking for. Maybe they do, but no in plain language.