Identify three key features that differentiate between Universal Life Insurance and Whole Life Insurance.

Universal Life policies do not allow the same access to cash values as whole life

Whole Life is a fixed, guaranteed product, whereas universal life insurance is a flexible plan with projected values rather than guarantees.

Universal Life premiums are flexible and can be paid by cash values within the policy, as opposed to a whole life, which has a fixet premium that must be paid each month and does not for that purpose.

Distribution of life insurance benefits at death differ between whole life and universal life due to different guarantee structures of the two policies.

The return on cash value on a whole life is fixed and guaranteed, versus a universal life policy, which, while offering a guaranteed minimum return, has a market sensitive return.