Uninsurable: A risk class designation for policy buyers whose health profiles render them unsuitable for individual life insurance. The policy buyer could be eligible for joint life insurance with a second insurable policy buyer. (Also see Risk Class and Health Profile.)
Universal life: A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection. The policyholder can pay maximum premiums and maintain a very high cash value. Alternatively, the policyholder can make minimal payments in an amount just large enough to cover mortality and other expense charges.