Is Universal Life Insurance The Same As Term Life Insurance? 
Universal life is a permanent form of life insurance . That is , the policy is designed to last a lifetime . Term insurance is temporary insurance and provides a death benefit only when the death occurs during the period of the policy . The universal life is a flexible payment policy . At the owners discretion the premium can be reduced or skipped . When that occurs the policy can expire prior to the death of the individual , but it isnt a term policy . 