The Difference Between Whole Life and Universal Life Insurance
Universal Life Insurance Benefits
Universal life can provide you with a variety of different payment options, including a level premium that won't increase, flexibility of changing your death benefits, as well as the potential to accumulate cash value over time. Here's how:
Since there is a cash component, you may be able to skip premium payments as long as the cash value is enough to cover your premiums for that month
Some policies may allow you to increase or decrease the death benefit to match your particular circumstances
In many cases you may borrow against the cash value that may have accumulate in the policy
The interest that you may have earned over time accumulates tax-deferred
- See more at: http://www.protective.com/learning-center/life-insurance/what-is-the-difference-between-whole-life-and-universal-life-insurance/#.dpuf