Universal Life Insurance is a policy that offers coverage until death or the age of 100. Furthermore, it provides flexibility for the insured in all aspects including death benefits and premiums. It also has a savings aspect with the cash value of the policy. The insurer will issue dividends into the cash value of the policy that the insured can then use. In addition, excess premium payments that exceed the current cost of insurance (COI) is credited to the cash value. On the other hand, the policy lapses if the cash value is not sufficient to cover cost of insurance and other possible fees or expenses. Like term life insurance, universal life insurance includes a number of different kinds of payment such as single premium, fixed premium, and flexible premium which allows the insured to alter the premium throughout the term.