Universal life has truly evolved into a Rube Goldberg machine. Golberg was a Pulitzer prize cartoonist who drew very complicated machines designed to do one very simple thing and Universal Life is a classic example. Too many moving parts, a complete overhaul of what we have come to know as 'whole life' insurance. A different cost basis. A different cash flow. An elaborate set of elaborate rules. And then the IRS got involved. For those newer to the profession, you won't believe what all went on in the 80's with this product. Those who survived all this think I'm doing stand-up comedy...I assure you there was nothing funny about is. Either way...you'll enjoy this history lesson.