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Universal life insurance can offer you the best of both a term and whole life insurance policy. On one hand, a universal life insurance policy allows for the flexibility of a term life policy. This flexibility is what allows the insured to change the specifics of their policy if and when they need to. On the other hand, a universal life insurance allows you to trade in your policy for a cash value just like a whole life policy. Universal life insurance can offer a third alternative for those who cannot decide between the two other policy types.