Universal Life allows the insured flexibility when paying their premium. What is the minimum premium payment required. There is not flexibility and the premiums must be paid each month. No premium is required if there is sufficient cash values to cover the COI's (Cost of Insurance) If inadequate cash value, then enough premium must be paid to cover the Col's (Cost of Insurance) Premiums have a guaranteed component and as long as the premiums cover the guarantees, they are sufficient