Universal Life Insurance
type: Class
subclass of: RDMlfBHhw2Mfk0FBrVCQJY9
definition: Universal life insurance is a type of permanent life insurance that offers both a death benefit and a cash value component, similar to whole life insurance. However, it differs in its flexibility, allowing policyholders to adjust the premiums and death benefit within certain limits, and it often has an investment element where the cash value can be invested for potential growth.