Whole Life Insurance and Universal Life Insurance are both types of permanent life insurance, but they have key differences:

Whole Life Insurance:

1. Premiums: Fixed premiums that do not change over time.

2. Death Benefit: Guaranteed death benefit that remains constant throughout the policy's life.

3. Cash Value: Accumulates cash value at a guaranteed rate. The cash value grows slowly and is accessible through loans or withdrawals.

4. Policy Structure: More straightforward; offers a predictable structure.

Universal Life Insurance:

1. Premiums: Flexible premiums that can vary; policyholders can adjust payments or even skip them (within limits).

2. Death Benefit: Can be adjustable; policyholders can choose a level or increasing death benefit.

3. Cash Value: Cash value growth is tied to a market index or interest rate, potentially leading to higher returns, but also more variability.

4. Policy Structure: More complex, allowing for more customization regarding death benefits and premium payments.

In summary, Whole Life Insurance offers stability and predictability, while Universal Life Insurance provides flexibility and potential for greater cash value growth.