Since a universal life policy is an investment vehicle along with a life insurance policy, people who feel they need life insurance into their 70's would benefit from a universal life policy. This would give the savings portion enough time to possibly accumulate into an investment.

Along with providing a death benefit, universal life insurance also incorporates a savings vehicle. In short, it is like combining a term life insurance policy with a tax-deferred interest accumulating savings account.

One benefit of purchasing a universal life insurance policy is that besides accumulating a tax-deferred savings, one may not have to pay premiums during the entire policy. If money to pay the death benefit and other related costs accumulates in the tax-deferred savings portion of the policy, then premiums may eventually not be required to keep the policy in force.