Universal Life Insurance

Universal life insurance is a type of permanent life insurance that provides coverage for the entirety of the policyholder's life. It is called "universal" because it offers flexibility in terms of the premium payments and the death benefit, as well as the ability to accumulate cash value.

One of the key features of universal life insurance is the flexibility it offers in terms of premium payments. With a traditional permanent life insurance policy, the policyholder is required to make fixed premium payments to maintain coverage. With universal life insurance, the policyholder has the option to pay more or less than the required amount, as long as the policy's cash value is sufficient to cover the cost of insurance. This flexibility can be beneficial for policyholders who may have fluctuating income or who want to adjust their coverage to fit their changing needs.

Another feature of universal life insurance is the ability to accumulate cash value. As the policyholder pays premiums, a portion of the money goes into a cash value account, which can grow over time through interest and other earnings. The policyholder can typically access the cash value through loans or withdrawals, although doing so may reduce the death benefit and the policy's cash value.

In addition to the flexibility and cash value accumulation, universal life insurance also offers the option to adjust the death benefit. Policyholders can typically increase or decrease the death benefit as their needs change, as long as the policy's cash value is sufficient to cover the cost of the increased coverage. This can be useful for policyholders who may have a change in financial circumstances, such as the birth of a child or the purchase of a new home.

Universal life insurance policies typically have a minimum death benefit and a maximum death benefit, as well as a minimum premium payment and a maximum premium payment. The policy's terms and conditions will outline these limits and any other restrictions on the policy.

Universal life insurance is a good option for policyholders who want permanent life insurance coverage with the flexibility to adjust their premiums and death benefit as their needs change. It is important for policyholders to carefully review the terms and conditions of their policy and to understand the potential risks and benefits of accumulating cash value and making changes to the death benefit.

Talk to one of our knowledgeable insurance agents about finding a life insurance policy that is right for your unique situation.

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Kimberley Mondus
Life and Health Benefits Manager


In the insurance business since 1989, with almost 30 years in the insurance business, Kimberley Mondus started with John Hancock Insurance in the group health department, processing medical and dental claims, where she then became a claims auditor and trainer.
John Hancock group health was then purchased by Wellpoint's Unicare Insurance in 1996 where she continued to audit claims for large companies such as Com Ed and Abbott Labs. In 2000 she moved to the agency side of the business for Group Health and Life and has been there ever since. Kimberley joined the Concklin Insurance Agency family in 2015 and would like to continue to add to her knowledge of insurance with Commercial and Personal lines coverage as well. She is licensed in Life & Health as well as Property & Casualty.

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Can I choose my own coverage limits for my home?

Coverage limits are the max amount an insurance policy will pay out in the event of a covered loss. When we are talking about the structure of your home, we are referring to Dwelling Coverage, or Coverage A in your homeowner’s policy. In the event of a complete loss, such as if your home burns down or is hit by a tornado, you’ll want these limits to be high enough to cover the costs of rebuilding your home.