Universal life insurance is frequently categorized broadly under permanent life insurance or flexible premium adjustable life insurance. Depending on the specific subtype of the policy, variations are often referred to as indexed universal life (IUL)—where cash value growth is tied to the performance of a stock market index like the S&P 500—or variable universal life (VUL), which allows policyholders to direct their cash value allocations into specific sub-accounts resembling mutual funds.
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