I recently took a continuing education course on life insurance. One of the first things I learned was about the introduction of universal and variable universal life insurance products into the life insurance marketplace.
Up until that time, all of the available products (term life insurance and whole life insurance) were based completely on the premiums, and had very little flexibility. When universal life insurance was introduced, all of a sudden life insurance policies had more flexbility.
With universal life insurance you can change your death benefit and also the amount of premiums you are going to pay. You can use your accumulated cash value to borrow against it or to supplement your premium payments. Overall, a universal life insurance policy provides the opportunity to have much more flexibility with your life insurance.
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