Universal life insurance is a type of permanent insurance. It is similar to and developed from whole life insurance, but universal life is more flexible than whole life in two ways:

* The death benefit and usually the premium payment are flexible. The death benefit can be increased or decreased without surrenduring the policy or getting a new one.

* Premium paym ...ents can be made anywhere from the minimum amount required to keep the policy going, up to a maximum as required by IRS rules.

With universal life, the death benefit will last as long as you pay the premiums.