Universal life (UL) is permanent life insurance that separates the cost of insurance from an investment account. You choose how the insurance cost is charged, typically yearly renewable (rising with age) or level, and how the account is invested from the insurer's options.
Growth inside the policy is tax-advantaged within limits. UL suits people who want lifelong coverage with flexibility, often for estate planning or business needs, but it needs regular reviews because performance is not guaranteed.
