A universal life insurance policy is a type of permanent life insurance that offers flexible coverage and premiums. UL policies are designed to last the insured’s entire lifetime, building cash value over time. Universal life insurance policies offer death benefit protection and the potential to accumulate a cash value that can be accessed through policy loans or withdrawals. Because universal life insurance policies are designed to last a person’s entire lifetime, they often have higher premiums than other permanent life insurance policies, like whole life or indexed universal life.