Insurance is essentially a business that is meant to bear risk, but it is also a risky business by nature, at least when there are products concerned. This is because there are arrays of different factors that can affect the sale success of a product, or its possibility, service or profitability.

A Universal life insurance policy is designed to provide lifetime insurance protection.

This type of insurance policy is one type of permanent life insurance. With a permanent policy, the insurance is designed to last as long as you pay the premiums.

Universal life insurance is divided into two type’s Universal life insurance & Universal Variable life insurance

And it is further sub categorized into three types they are:

Single Premium: Single Premium UL is paid for by a single, substantial, initial payment. The policy remains in force so long as the COI charges have not depleted the account.

Fixed Premium

Fixed Premium UL is paid for by periodic premium payments. Generally these payments will be for a shorter period of time than the policy is in force; for example payments may be made for 10 years, with the intention that thereafter the policy is paid-up.

Flexible Premium

Flexible Premium UL allows the policyholder to determine how much they wish to pay each time premium is due.