Universal life insurance is a type of permanent life insurance that offers flexibility in premium payments and death benefits while also providing a cash value component that can grow over time. It combines elements of both term life insurance and investment savings.

Key features of universal life insurance include:

1. Flexible Premiums: Policyholders have the flexibility to adjust their premium payments within certain limits. They can choose to pay higher premiums to build cash value more quickly or lower premiums to maintain coverage while allowing the cash value to grow more slowly.

2. Death Benefit: Universal life insurance provides a death benefit that is paid to the beneficiary upon the insured's death. The policyholder can choose the amount of coverage, which can remain level or increase over time, depending on the policy terms.

3. Cash Value Accumulation: A portion of the premium payments goes into a cash value account, which earns interest or investment returns depending on the policy's structure. The cash value grows tax-deferred over time and can be accessed by the policyholder through loans or withdrawals, though this may affect the death benefit and policy performance.

4. Interest Rate Options: Universal life policies typically offer different interest rate options for the cash value component, such as a fixed interest rate or a variable interest rate tied to market performance. Policyholders can choose the interest rate option that aligns with their risk tolerance and financial goals.

5. Policy Flexibility: Universal life insurance policies often allow policyholders to make changes to their coverage, such as increasing or decreasing the death benefit, adjusting premium payments, or adding riders for additional coverage options.

6. Estate Planning Benefits: Universal life insurance can be used as a tool for estate planning, providing a tax-efficient way to transfer wealth to beneficiaries and cover estate taxes or final expenses.

Typical candidates for universal life insurance include:

• Individuals looking for permanent life insurance coverage with flexible premium payments and potential cash value accumulation.

• Those interested in using life insurance as an investment vehicle or estate planning tool.

• Individuals who want the option to adjust their coverage and premium payments over time based on their changing financial needs.

Universal life insurance offers a combination of life insurance protection and investment potential, making it a versatile option for individuals seeking long-term financial security and flexibility. It's important to work with a knowledgeable insurance professional to understand the policy details, costs, benefits, and potential risks associated with universal life insurance before making a decision.