In a previous post we looked at the difference between Term & Whole life insurance. A third option is Universal Life. Universal Life lasts for the life of the insured, has a cash value, & has more options in terms of premiums.  The linked article is a great overview. However there are two points I like to mention. First the article mentions a physical exam. The exam is not always required, they key is to be as honest in the application to verify again your medical footprint. The other point is the article mentions Universal Life is suited for high income earners, that is not true. Universal Life is for anyone where the benefits meet the needs of the buyer & they can pay the premium - just like any other policy. 

Universal Life Insurance Guide