Universal life insurance is a combination of whole life insurance and term life insurance. The pricing of the policy is based on annual renewable term life insurance and increases each year. The premiums are flexible and are designed to cover the life insurance costs with the difference being applied to a cash value that grows at a given interest rate.

Universal life policies are more expensive than term life policies and typically less expensive than whole life. Some universal life policies offer long-term guarantees but most do not. The policy values are invested in the life insurance company's separate account and neither the policy owner nor any other parties have the right to determine the investments or switch these investments.

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