In addition to providing a death benefit, cash value (or "permanent") life insurance provides tax-deferred growth. Basically, a portion of your premium goes into a savings component. This savings account grows tax-deferred. The different types of cash value life insurance include whole life, universal life, and variable (universal) life.
Whole life, considered the traditional form of permanent insurance, provides for a minimum guaranteed increase in cash value. Universal life allows you to make flexible premium payments, and your cash value increases based on current interest rates. The increase in cash value in a variable life policy depends on the performance of the sub-accounts (funds) you select. For more information, see Learning Center on Buying Insurance.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA (Opens in a new Window)/SIPC (Opens in a new Window). UniVest Financial Services is a trade name of UniBank. Infinex and UniBank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of, nor guaranteed or insured by, any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.