universal life insurance
“The universal life insurance policy provided the insured a death benefit and accumulated cash value on a tax-deferred basis. The insurer paid interest at a rate competitive with other investments. Such a policy provided flexibility to the insured because the insured was able to vary the death benefit, premium, and timing of premium payments.” Sullivan v. Southland Life Insurance Co., 67 Mass.App.Ct. 439, 440 (Sept. 25, 2006) (Beck, J.).