Universal life is a whole life policy that combines term insurance and investment elements.

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Universal life insurance is a type of permanent life insurance that offers a death benefit along with a cash value component that accumulates over time. It is called "universal" because it allows for flexibility in changing premiums and death benefits, as well as allocating the cash value to different investment options. It is a combination of term insurance and investment elements.

Universal Life Is a Whole Life Policy That Combines Term