What Does UL Mean In Life Insurance? 
A universal life insurance policy is a permanent form of life insurance that allows the owner of the policy the flexibility to direct the frequency of premiums and the amount of premiums . In this process the owner uses the premiums to pay current life insurance costs and future life insurance costs through cash value . Most insurance company maintains a separate fund for the cash value which may enjoy better results than the normal company funds . The owner assumes responsibility to provide sufficient cash value to maintain the death benefit until death . 