One of the most important differences between universal and variable life insurance is that with a variable plan, you have more control over your cash value growth.
Variable universal life (VUL) is a type of life insurance policy that combines the benefits of both variable universal life (VUL) and flexible variable life or universal life insurance. This kind of policy offers more options than standard plans, giving its holders flexibility in coverage changes with ease.
Whereas universal life insurance policies pay a death benefit upon your death and accumulate cash value during your lifetime. The accumulated cash is based on both what you paid in premiums as well as current interest rates decided by your insurance company.