Universal life insurance combines the protection of permanent coverage with the flexibility of adjustable premiums and death benefits, making it one of the most versatile life insurance options available. Unlike whole life insurance, which has fixed premiums, universal life allows you to increase or decrease your payments within certain limits, giving you control as your financial situation changes. One of its key benefits is the cash value component, which grows tax-deferred and is often tied to current market interest rates. This cash value can be accessed through withdrawals or loans to help cover emergencies, supplement retirement income, or fund other financial needs. Universal life also allows policyholders to adjust their death benefit, either increasing it to provide greater protection for loved ones or reducing it to lower premiums in later years. Some policies may even offer riders such as long-term care or living benefits, providing additional financial security if you face major health challenges. With its balance of lifelong protection, cash value growth, and customizable features, universal life insurance is an effective tool for both financial planning and wealth transfer strategies.