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Universal life insurance is a particular kind of enduring life insurance provided to people on the basis of cash value. This insurance policy provides number of unique features which resembles whole life insurance. It offers good flexibility when the policy comes in force. Universal life insurance is same as whole life insurance in most of aspects. There is no time period for coverage in universal life insurance; it covers you till your last breath. Like whole life insurance, this coverage plan accrues the cash value over time.

Term life insurance is one type of life insurance providing insurance coverage for fixed term period for fixed amount. After the expiry of the term period, the policy holder needs to forgo the coverage or else gain further coverage with different premium rates and conditions. Policy holder can?t continue on the policy with previous premium rates. If the policy holder dies during the term period, the policy amount will be provided to the beneficiary along with bonus and other monetary benefits.