Universal variable life insurance is permanent life insurance that includes both pure insurance and investment components. It combines features of "variable" and "universal" life insurance and allows some flexibility in choosing investments. The owner is able to choose the types of investments made by the cash value account and the account grows according to the returns on those investments. The owner can also adjust the amount of the premiums or death benefits of the policy. This type of policy generally offers the owner the most flexibility in meeting his/her insurance needs.

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