Universal Life Insurance is a flexible type of permanent life insurance that combines a death benefit with a cash value component. Policyholders can adjust their premium payments and death benefits, allowing for greater control over their insurance coverage as their financial needs change over time. The cash value of a Universal Life Insurance policy grows at a variable interest rate, which can be influenced by market conditions. This means that policyholders can accumulate savings that may be accessed through loans or withdrawals, providing additional financial options during their lifetime.