Is Universal Life Insurance The Same As Whole Life? 
That is a great question ! Yes , universal life insurance is a type of whole life insurance , but at the same time , it 's really kind of not . The best way to explain it is that it is a whole life body welded to a term chassis . Just as term policies end after a certain amount of time , the average ul policy will too , if you 're not watchful . The average ul policy is only guaranteed for twenty years , and can end sooner , or last longer , depending upon it 's investment performance , and the amount of premiums that you pay into it . If properly funded and maintained , it can last your lifetime ; if you do n't watch for how well it 's funded , it can eat its cash value to stay active , and at some point lapse . Confusing ? Yup , this is n't a policy for people that are n't wanting to have to pay attention to it , possibly have to increase their premium payments , or who want the safety of not having to worry if they can lose the policy if they make the same payments over a length of time . I hope that helps , thanks for asking ! 