Universal Life Insurance
A Universal Life Insurance policy provides more flexibility because, within limits, you can determine how much premium to pay into the policy from year to year and adjust the amount of the death benefit, up or down. You may even skip a premium payment as long as the cash value is sufficient to cover policy charges. The build up of cash value within the policy is a function, in large part, of how much premium is paid into the policy. This premium can be adjusted to meet both cash value and death benefit goals. In general, Universal Life plans have fewer guaranteed elements than Whole Life policies but offer more flexibility.