Universal Variable life is the type of insurance which gives you more control of cash value account policy features than any other insurance type.

What it does:
It pays a death benefit to the beneficiary you name and offers you low risk tax deferred cash value options.

It offers separate accounts for you to invest in such as money market, stock, and bond funds.

It offers premium flexibility.

It allows you to make withdrawals or to borrow from the policy during your lifetime.

It stipulates that if you terminate the contract in early years you will receive less cash value total return than in a whole contract.

What it doesn't do:
It requires you, the policyholder, to devote time to manage the accounts. The policies long term success is contingent on the investment you make.

It doesn't work well with small premium amounts because your premium must cover your insurance and your accounts.