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Universal life insurance is whole life and a form of cash value life insurance where the insurance premiums and amount of coverage are flexible. Generally, after the first-year premiums, additional premiums and coverage can be adjusted at the insured's discretion assuming they are within the boundaries set by the insurance company. Universal life insurance is actually whole life insurance , but more flexible. Generally, you pay a higher premium for this flexibility. Universal life insurance as with whole life insurance has an investment component as well as a death benefit, but the policyholder, has the right to increase or decrease the investment amount.

Universal life insurance policies are attached to short-term interest rates, often making their rate of return higher than whole life, but this also means you're at greater risk when interest rates drop.

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