When comparing Universal Life policies with Whole Life policies,which of the following is typically an advantage of a Universal Life policy?

Question

Quizplus · Accepted Answer

One advantage of a Universal Life policy is that the policyholder has control over their outlay, meaning they can adjust the premium payments and death benefit as needed. Whole Life policies typically have fixed premiums and death benefits, giving the policyholder less control. Both policies accumulate cash value, but with a Whole Life policy, accessing the cash value is more restricted as it can only be done through a policy loan. Additionally, a Universal Life policy will lapse if the minimum premium payment is not made, while a Whole Life policy typically has a grace period before lapsing.

When Comparing Universal Life Policies with Whole Life Policies,which of the Following