Your life isn't a photograph that's frozen in time. It's constantly changing — and a Universal Life Insurance policy can change along with it. 

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Similar to Whole Life Insurance, universal life insurance offers coverage for up to a lifetime, as long as premiums are paid. When you pass away, your loved ones will receive the "benefit amount" (the monetary value) from your Universal Life Insurance policy. That money can help your loved ones cover a number of expenses, including your funeral and any outstanding debts. 

You may currently be single and do not have a need for much coverage. But look ahead 10 years and you might see a home filled with a loving spouse, a growing child or a beloved parent who needs your help financially. Universal Life Insurance through AIG Direct allows you to live in the moment without forgetting about the future. You can choose a benefit amount based on your current needs and then raise or lower it as life changes (based on approval from the life insurance provider). 

 It can also adapt to fit your budget, as you get to choose how much you want to pay for your policy (based on the options offered by your life insurance provider). It's important to note, however, that the amount and timing of your payments on a Universal Life Insurance policy can affect how long you can continue coverage. 

A Financial Seed for the Future

 Universal life insurance comes with many of the same features as other types of permanent life insurance, including "cash value." With each payment you make toward your policy, a portion of it gets set aside for the future. Left alone, that money will continue to grow and can help to supplement a retirement fund. The federal income taxes are also deferred, so you don't have to pay them annually.2 Generally speaking, that means that your loved ones won't have to pay income taxes on the life insurance proceeds they receive either.