Universal life is a form of permanent insurance that can provide affordable lifelong protection along with a lot of flexibility.  It offers flexible premiums and a level or increasing death benefit. Universal life was originally billed as the only policy you will ever need because as your needs change the policy provides the option to adjust your coverage.  This allows the policy to be tailored to meet your specific goals.  Another important feature of universal life is that it also accumulates cash value as your premiums are paid.  The cash value account earns interest and the account grows on a tax deferred basis.  So, whether you are concerned about maximizing the death benefit or growing your cash value on a tax deferred basis, universal life has an option for you.