Universal life insurance is a type of permanent life insurance designed to provide coverage throughout the life of the insured, once started the contract. Universal life insurance policies are flexible, allowing the insured to increase or decrease your premium payments or even to modify the amount of their coverage through the life of the plan.

Universal life insurance also provides the benefit of guaranteed savings at rates that exceed those offered by the traditional bank accounts. To use the benefit of saving in a universal life insurance policy the insured can grow their assets over time.

Since the universal life insurance policy is usually issued up to the age of 101 years of the insured, the premium of this product tend to be higher than the insurance term life, including functionality of forced saving.