This kind of life insurance is a permanent one. This kind of policy allows one to enjoy insurance only till he pays premiums. Earlier Universal life insurance did not give the benefit of the policy till death. But now it also has extended the beneficiary period till the death of the insured person. The death benefit, savings element and the premiums can be changed till the policy is in effect. You can also shift your money from insurance to savings and vice- versa if going through a bad condition.
A universal life insurance is specially designed to give lifetime protection. With this policy that includes a No-Lapse provision , both the life insurance and the life insurance amount can be guaranteed through age 100 by adding certain features in the policy.
SINGLE PREMIUM: Single premium universal life insurance is the type in which the whole amount is paid initially in one premium. But this is no longer in use as the whole amount cannot be paid once unless a person has a big amount in savings or he wins lottery, or else some relative of yours leave for you a big sum in his will.
FIXED PREMIUM: This type allows one to pay its premiums periodically which are a fixed amount. While taking the policy you have to choose the amount which you can pay after the period decided in the policy.
FLEXIBLE PREMIUM: A person is allowed to choose the amount he wants to pay at the time when the premium is due according to his financial situation. This right is enjoyed only by those who have paid their earlier premiums regularly and if at times you are unable to pay it fully you are given this right.
