With universal life coverage, you're able to choose how much you wish to contribute to the policy above the minimum premium. This allows the insurer to project the performance of the policy using current assumptions. While most fund this type policy with projections to last till age 90,95 or 100, many include no-lapse guarantees no matter future economic conditions. These policies build cash valus, which, a portion, is used to finance premiums in later years. Depending on the specific policy you select, designated beneficiaries either receive the face value of the policy or all or part of the funds in the cash account, plus the face value amount.