Life Insurance Learning Center - Term Life Insurance Types
Universal Term Life Insurance
Part 3 of this Life Insurance Company Policy Type
A word of caution when purchasing a universal term life insurance plan: make sure that you get some kind of written contract or agreement that explains how the policy deals with federal income taxes.
For example, under current tax laws, sometimes the death benefit can be disqualified as being term life insurance when it comes to federal income taxes. Then, the beneficiary would have to pay heavy taxes on the death benefit once the insured dies.
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