Usually means: Flexible, permanent life insurance coverage.
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We found 8 dictionaries that define the word universal life:

General (2 matching dictionaries)
  1. universal-life, universal life: Dictionary.com
  2. Universal Life (Cyprus), Universal Life: Wikipedia, the Free Encyclopedia

Business (6 matching dictionaries)
  1. MoneyGlossary.com (No longer online)
  2. INVESTORWORDS (No longer online)
  3. Universal life: bizterms.net
  4. Universal life: Financial dictionary
  5. Universal life, Universal Life: WashingtonPost.com: Business

Definitions from Wikipedia (Universal Life)

noun:  (unofficially abbreviated UL) the name of a controversialGerman Scientology News in Munich, Germanyhttp://members.aol.com/bbsaktuell/weristue.htm and http://members.aol.com/bbswerth/weristue.htmInternetserver new religious movement based in Marktheidenfeld, Germany,United States Department of State, International Religious Freedom Report 2006, (Austria), released by the Bureau of Democracy, Human Rights, and Labor,
noun:  the first local insurance company created in Cyprus.

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