Who Should Get Universal Life Insurance? 
In my experience , Universal Life works especially well for these groups of people : 1 -RRB- Those who want permanent coverage at the lowest possible price , with no concern over whether the policy will have a lot of cash value . The type of policy they usually choose is universal life that is guaranteed not to lapse to age 100 + at a level premium . 2 -RRB- Those who want to adjust one policy to fit their needs throughout their lifetime . With UL , they can increase the premium to make the policy last longer or generate more cash value ; reduce the face amount as their need for life insurance goes down ; or reduce or quit paying the premium if their policy can sustain itself on what has already been paid in . 3 -RRB- Those who want a vehicle to generate supplemental income during retirement without the risk of losing their initial premium that they paid in . This product is called Indexed Universal Life . 