Does Universal Life Insurance Have A Cash Value? 
Universal Life has three basic components : 1 -RRB- Insurance -LRB- protection -RRB- , 2 -RRB- Savings -LRB- accumulation -RRB- and 3 -RRB- Expense -LRB- loading -RRB- . Premiums cover the cost of insurance and expenses with the remainder going to the savings or cash value . This cash value -LRB- if any -RRB- can also grow by the interest rate credited to the policy . 