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One of the main differences between a whole and universal life insurance policy is that universal life insurance allows the insured to move their money between the investment portion of their account and the death benefit portion of their account.
This allows a flexibility that enables the insured to increase their death benefit without paying extra payments, simply by transferring the amount from the investment portion of their policy. They may also transfer funds from their death benefit to their investment accounts.
On the other hand, whole life insurance does not allow the insured to move money around in this manner.