• Universal life insurance generally refers to a whole life policy with flexible premiums, adjustable death protection, and a cash value accumulated at current rates of interest.
• Universal life insurance offers both insurance protection (in effect, term insurance) and savings, i.e., the ability to accumulate a cash value in the policy by making contributions in excess of the level required to provide the term insurance death benefit.   (p2)

1998 - GOV - FEDERAL EMPLOYEES LIFE INSURANCE IMPROVEMENT ACT - 19p