The phrase "universal policy" means a set of rules or principles that apply to everyone, without any exceptions or specific conditions. Full definition
A no - lapse guarantee universal policy guarantees the death benefit regardless of investment performance. (thelifeinsuranceinsider.com)
Some types of universal policies offer no - lapse guarantees, meaning that even if the universal cash value reaches zero due to investment failures, the policy remains in force. (mylifeinsurancequotes123.com)
A variable universal policy brings many of the benefits of other universal life types, including flexible premiums, and includes an annually renewable term life element to provide permanent life insurance. (truebluelifeinsurance.com)