This type of policy provides a death benefit and cash value component where the funds can grow tax - deferred. (lifewealthwin.com)
As with all other whole life products, there is a separate cash value component which grows tax deferred and can be accessed via loan. (bestliferates.org)
Like whole life insurance, universal life insurance's cash value component grows over time and you can borrow against it tax - free, while you're still alive. (smartasset.com)