Universal life is permanent life insurance with an investment savings element and low premiums that are similar to those of term insurance. Universal carries a guaranteed death benefit, lifetime coverage, access to cash value, and living benefits.
Universal is a form of permanent life insurance with an investment savings element plus low premiums.
The price tag on universal insurance is the minimum amount of a premium payment required to keep the policy.
Beneficiaries only receive the death benefit.
Unlike term insurance, this type of policy can accumulate cash value.