This product is more complex than the others but offers flexibility. There are two components to this policy. The first being the insurance policy with a defined death benefit and the expenses associated with the insurance related costs of the management of the policy. The second component is the investment account. Basically, any premiums paid above the cost of insurance can be deposited into the investment account up to a maximum. The investments chosen are completely up to the policy owner and are flexible. The investments inside a Universal Life policy are not guaranteed as with any investment made in the stock market.