Business and Personal Finance Dictionary

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• UNIVERSAL LIFE INSURANCE
  
  A form of life insurance that combines term insurance protection with a savings feature. The portion of the funds allocated to the savings feature is invested in a tax-deferred account that typically earns interest at rates comparable to prevailing money market interest rates. A universal insurance policy offers the policy holder the flexibility to change the amount of insurance coverage, the amount of the premium payment and/or the portion of the premium payment allocated to the savings feature.
  
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