What is universal life insurance?  Universal life insurance in Singapore can be considered a logical factor for retirement and legacy planning. It typically lasts your entire life and is used to leave a legacy for your future generation. Besides offering insurance coverage for your life, a universal life insurance policy also offers you a saving portion, which allows you to accumulate cash value. Any amount of premiums paid above the required minimum for your cost of insurance can be saved for future usage. At first instance, it seems that universal life insurance is similar to whole life insurance but the former actually provides much more flexibility than the latter. For example, when you are unable to make premium payments for your universal life insurance, the premium amount can be deducted from the cash value you have saved up instead of your policy ceasing. In the next section, we’ll provide a comparison between them along with term-life insurance and how they can benefit you in the long run....