What Does UL Mean In Life Insurance? 
UL stands for Universal Life , a form of life insurance that combines features of Term and Whole Life coverage . There is a guaranteed death benefit that can often be locked in for a set number of years -LRB- some policies allow the death benefit to be guaranteed to age 120 + , ensuring that the policy will not lapse before death -RRB- . The amount of premium going to the savings account portion of the Universal Life is invested and may generate some cash value in the policy . Universal Life offers more flexibility than Whole Life in that the death benefit and premium can often be adjusted . 