Is Universal Life Insurance Whole Life? 
No universal life insurance is not whole life insurance . The two products have some very distinct differences . Universal life insurance has no specific premium like whole life insurance , meaning the premium paid can be increased or decreased within a very liberal range at the policy-owners discretion . Whole life insurance guarantees that if the calculated premiums are paid in full then the original death benefit will remain in force until the insured reaches the date of maturity -- universal life insurance makes no such guarantee . Expenses assumed within a whole life policy are fixed at issue and can never change . Expenses assumed within a universal life policy can be increased or decreased by the insurer as real operating experience allows . 