What is universal life insurance? Universal life insurance policies offer flexible premiums that may allow you to adjust how much you'll pay each year, by accessing some of the policy's value (though you will need to pay the minimum premium amount or the policy will lapse). Depending on your policy's potential cash value, it may be used to skip a premium payment, or be left alone with the potential to accumulate in value over time. Potential growth in a universal life policy will vary based on the specifics of your individual policy, as well as other factors, so some years a policy can potentially earn more than whole life, and others it may earn less. - See more at: http://www.protective.com/learning-center/life-insurance/what-is-the-difference-between-whole-life-and-universal-life-insurance/#.dpuf