UL is a newer form of permanent coverage that can build cash value and has a “flexible premium” feature. This type of coverage is illustrated with guaranteed values as well as current (or assumed) interest rate values. UL is generally more expensive than term, but is generally less expensive than whole life.

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Universal Life Insurance is a type of permanent coverage:

A universal life insurance policy is designed to cover you for your entire life on a guaranteed basis. Gone are the days when a UL policy relies upon current interest rates. Modern policies use this current interest rate to (possibly) enhance cash values.