Universal life offers many benefits that you can customize to your needs and goals. It provides a long-term death benefit for your loved ones, helping to support them financially if you pass away while the policy is active. Universal life also builds cash value over time, which can help fund key expenses in your lifetime such as a down payment on a home or college tuition. You can access funds by taking out a loan from your policy or by taking out cash through what’s called a partial surrender.2