With so many type of life insurance policies available to support a variety of needs, it is important to understand a policy's particular benefits and limitations.  Universal Life Insurance, also know as flexible premium adjustable life insurance, is one of the most versatile types of life insurance.  Across the board, universal life policies are flexible because their components can be "unbundled" or separated; some policies focus on competitive premiums and added features like cash value accumulation, while others focus on lower premiums and fewer features.   This spectrum makes universal life insurance a popular choice among insurance consumers.