What Is A Universal Life Insurance Policy? 
Universal life is a flexible premium policy meaning that there is a range of premiums that can be paid for the policy . The minimum premium will only support a death benefit that may or may not be guaranteed . The owner of the policy may want to pay more than the minimum premium to use the policy for cash accumulation . Indexed Universal Life policies are especially good for accumulating cash to access tax free through loans or withdrawals for college funding , retirement income , or emergencies . 