Universal life (UL) is a type of permanent life insurance characterized by flexible premiums and an adjustable death benefit. After the initial payment, a policy owner can increase or decrease premiums at any time, subject to certain restrictions. UL coverage will continue as long as there is sufficient cash value in the policy to cover the monthly insurance charges.

The cash value account in UL earns a current interest rate that is adjusted periodically by the company based on market conditions, and is generally guaranteed not to fall below a minimum rate specified in the policy.

The death benefit of a UL policy may be increased or decreased. Increases usually require evidence of insurability.

Whole life is the original type of permanent insurance. Provided premiums are paid as specified in the policy, whole life remains in force for the entire lifetime of the insured. Premiums are paid periodically, and generally remain level and constant over the life of the contract.

The cash values of a whole life policy are typically guaranteed as stated in the contract.

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