Whole Life is permanent insurance — you’re insured throughout your lifetime, or until the policy matures, as long as you continue to pay your premiums per terms of the contract. Premiums will stay level as long as the policy remains in force. Over time, permanent insurance can accumulate a cash value that can be helpful for meeting current needs.
Like Whole Life, universal life is permanent insurance that may also accumulate a cash value; however, it has the benefit of more flexibility. You can tailor a policy to meet changing priorities with a flexible premium and face amounts. Universal Life insurance also offers more control over how quickly cash value grows.