Universal life insurance and term life insurance are two distinct types of life insurance policies with different features and benefits. Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years, and pays a death benefit if the insured passes away during the term. It does not build cash value and is generally more affordable than universal life insurance. Universal life insurance, on the other hand, offers lifelong coverage and includes a cash value component that earns interest over time. It provides flexibility in premium payments and death benefits, allowing policyholders to adjust their coverage and premiums as their needs change. Unlike term life insurance, universal life insurance can accumulate cash value that can be accessed during the policyholder's lifetime. Understanding the differences between these two types of life insurance can help individuals make informed decisions about their insurance needs.