Universal life insurance or commonly referred to as UL is a kind of life insurance policy that is permanent and that is based on a cash value.
It is good to have a universal life insurance because if you are the insured, you can pay top ups to the cost of the insurance. These additional payments are then added onto the cash value of your policy.
There are many kinds of insurance policies out there and this is just one of them. It is really up to you what you want to get and how much you can spare. You may consider getting an insurance coverage as forced savings because you have to religiously pay for the plans or else the policy will be cancelled and all previous payments will be nullified in favor of the insurance company.
It is best to start out young when getting an insurance policy so that the premium payments are lower. This is good investment for the future.
