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Ask an Advisor: Is Universal Variable Life a Smart Move With $310k Income and $550k in My 401(k)?

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A variable universal life insurance policy is a type of whole life policy that provides a death benefit and build cash value.

The main things that set it apart from other types of insurance are: Flexible premiums.

Unlike universal life, VUL allows you to invest your cash balance in stock and bond subaccounts.

VUL policies are complex and expensive compared to other options.

If you don't need or want all the benefits a VUL provides, it may make more sense to invest your money elsewhere or buy a different type of policy.

SmartAsset has a variety of tools to help you determine how much coverage to potentially purchase.