Without a doubt, Universal Life Insurance is one of the most flexible and useful insurance options available, offering affordability and versatility. This type of insurance was particularly popular in the early 1980s when the plan was first devised based on tax changes, and offered participants the features of both a conventional insurance policy as well as a savings plan. Simply put, from the payments you make, some of your money is going into a savings plan and some into an insurance plan.

One of the original features of the plan was that it allowed the participant to easily adjust the amount of money they were putting into both the savings and the insurance part of the policy. Another advantage is that the amount of the premiums can be easily adjusted