universal life insurance

noun

a type of insurance in which the payments of the insured are placed in an investment fund, earnings from which pay the premium on term life insurance while any remainder continues to increase the policy's value.

Nearby words

universal gas constant, universal gas law, universal grammar, universal joint, universal language, universal life insurance, universal military training, universal mill, universal motor, universal negative, universal postal union

Also called universal-life insurance.

Related forms

u·ni·ver·sal-life, adjective