Universal Life Insurance is a flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases), vary the amount or timing of premium payments, and choose the investment vehicle for his or her premiums. Premiums (less expense charges and commissions) are credited to a policy account from which mortality charges are deducted and to which interest is credited at a rate that may change from time to time.