Universal Life:

• Universal life, also known as adjustable life, allows more flexibility than traditional whole life policies.
• The savings vehicle (called a cash value account) generally earns a money market rate of interest.
• After money has accumulated in the account, the policyholder will also have the option of altering premium payments—providing there is enough money in the account to cover the costs.  (p17)

Universal Life Insurance

A flexible premium policy that combines protection against premature death with a type of savings vehicle, known as a cash value account, that typically earns a money market rate of interest. Death benefits can

• be changed during the life of the policy within limits, generally subject to a medical examination.
• Once funds accumulate in the cash value account, the premium can be paid at any time but the policy will lapse if there isn’t enough money to cover annual mortality charges and administrative costs.  (p125)

2010 - III - Insurance Handbook A guide to insurance: what it does and how it works - 205p