Simplify the following text for a Grade 9 native English-speaking person.
Original: Universal life insurance ( UL ) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for greater growth of cash values . There are several types of universal life insurance policies which include `` interest sensitive '' ( also known as `` traditional fixed universal life insurance '' ) , variable universal life ( VUL ) , guaranteed death benefit , and equity indexed universal life insurance .
Simplified: Life insurance has different types of policies .