What Is The Definition Of Universal Life Insurance? 
Universal life insurance is a type of permanent life insurance program that features a flexible premium structure.It 's , in short , a blend between term life insurance and whole life insurance . A universal life policy will guarantee the maximum death benefit for the lowest possible premium -LRB- making itmuch less expensive than a whole life policy with the same death benefit -RRB- . Like with whole life insurance , universal life will build cash value , although it will generally not accumulate as much cash value over the life of the policy as a comparable whole life policy it is essentially term insurance to age 121 , with the emphasis on a larger death benefit instead of greater cash value . It 's ideal foranyone who wants to maximize the death benefit and is n't worried about building cash value -LRB- the carrier takes back the cash value and pays out the death benefit when the insured dies and a claim is made on the policy -RRB- . You can guarantee benefits for up to age 121 -LRB- with most companies -RRB- - these policies can be structured to dial down the death benefit to a specific age as well -LRB- e.g. to age 90 , 95 , 100 , 105 , etc. -RRB- . I hope the information is helpful - please feel free to contact me for assistance and if you have any other questions . Thanks very much . 