Is Universal Life Insurance The Same As Term Life Insurance? 
No , Universal Life Insurance is not the same as Term Life Insurance . Universal Life is a permanent product that can have cash value , and Term is a temporary product that does not have cash value . However , some Universal Life policies are set up to resemble Term Life Insurance . They are sometimes called hybrids , because they have some elements of UL and some elements of Term . In essence , they are Universal Life policies that guarantee that the policy will not lapse for a set number of years at a set premium . That part is like Term Life . The part that is different from Term is that these UL policies can be extended by simply dumping in more premium . 