How do universal life insurance and participating life insurance differ?

Universal Life Insurance differs from Participating Life Insurance mainly in its investment flexibility. With universal life, you have the freedom to choose and manage the investment options within your policy, allowing for a more tailored approach to your financial goals. Additionally, universal life policies typically provide more flexibility in premium payments. On the other hand, participating life insurance doesn't offer this level of investment choice but does provide the opportunity to earn dividends based on the insurer's performance, though these are not guaranteed. Both types offer lifelong coverage, a guaranteed death benefit, and the potential for cash value growth.