What feature distinguishes Universal Life Insurance from other forms of Whole Life Insurance?

Universal Life Insurance is distinct from other forms of Whole Life Insurance primarily due to its flexible premium schedules. Unlike traditional Whole Life Insurance, which typically requires fixed premium payments at regular intervals, Universal Life Insurance allows policyholders to adjust their premium contributions within certain limits. This flexibility lets individuals manage their premiums according to their financial situation, making it more adaptable to changing circumstances.

In addition to flexible premiums, Universal Life Insurance provides a death benefit and also has a cash value accumulation feature, but the key differentiator is indeed the ability for policyholders to vary their premium payments. This adaptability can appeal to those who seek more control over their insurance investment and financial planning.