What is universal life insurance?
The Bankrate.com financial term of the day is: "Universal Life Insurance."
Universal life insurance is a more flexible permutation of permanent life insurance, which can cover you for your entire life as long as you keep paying the premiums. With some permanent policies, the death benefit and the amount you pay in premiums are locked in, but universal life allows you to increase or decrease the payout sum and vary your premium payments, depending on your needs. The returns on the savings, or cash value, portion of these policies also can vary, so there is some risk involved.
With universal life insurance, you're covered for life but also have some leeway in case that life of yours takes some turns.
To get a quote on a new insurance plan, visit the Insurance section at Bankrate.com.