What Are The Advantages And Disadvantages Of Universal Life Insurance? 
I also recommend guarantees in policies , and therefore , at times , recommend universal life with no lapse guarantees . The advantages to guaranteed no lapse UL policies are : 1 -RRB- There is little to no cash value , so the premium is often lower than policies that endow . 2 -RRB- Universal Life is flexible , allowing you to increase or decrease the premium , dump in cash , or reduce the face amount , at will . 3 -RRB- You can adjust the no lapse period on some universal life policies , making them almost like guaranteed term , but with more flexibility . Disadvantages : 1 -RRB- Customers can be misled about , or misunderstand , the type of universal life policy they are purchasing , and end up with shorter coverage and/or lower cash values than they expected . 2 -RRB- For those who want a simple and straightforward policy , UL may be too complicated . Again , if you get the kind with built in guarantees , it greatly simplifies your experience because you simply pay the premium stated . 