Universal Life Insurance is NOT the same as Whole Life Insurance, please be advised.
Two completely different things. In my experience, very few Universal Life (UL) policies work as sold. I’ve seen many about to lapse to unsuspecting owners, always at the most inopportune time.
This doesn’t happen with Whole Life.
If you have a Universal Lfe policy, PLEASE, get an INFORCE ILLUSTRATION. This is how you analyze the strength of the policy going forward.
The annual statement you receive does NOT do this. It only gives you a brief review of what happened in the previous 12 months. We need to see what the projections are going forward.
Get the InForce Illustration every few years. Please. I’m begging you.