Definition: The word "universal life" refers to a type of insurance that covers all types of life events, such as death or illness, without any specific condition being excluded. This term is often used to describe policies that cover a broad range of risks, including age-related conditions and injuries. The coverage offered by these policies may also include options like cash value accumulation, where the policyholder can choose how much money they want to accumulate based on their income or other financial goals. The word "life" in this context refers to an individual's lifespan, which typically includes a range of possible events such as birth, marriage and death. The term "universal life," therefore, describes policies that provide coverage for individuals across different life stages and conditions, including those with a specific condition. The definition of a universal life policy can vary depending on the specific features and restrictions set forth in the policy. Some policies may offer comprehensive coverage for various types of medical emergencies or conditions, while others may be designed to cover only one type of illness or injury. To understand the full scope of what a universal life policy covers, it's important to consult with an insurance agent or read through the terms and conditions of the policy. In summary, "universal life" refers to policies that provide coverage for all types of life events, including death or illness without specific conditions being excluded. These policies are often designed to cover a broad range of risks, and their scope can vary depending on the specific features set forth in the policy.
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