<Li> a level death benefit (often called Option A or Option 1, Type 1, etc .), or </Li> <Li> a level amount at risk (often called Option B, etc .); this is also referred to as an increasing death benefit . </Li> <P> Policyholders may also buy Flexible Premium UL with a large initial deposit, thereafter making payments irregularly . </P> <P> In the US, it is illegal under the Investment Advisers Act of 1940 to offer Universal Life Insurance as an "investment" to individuals, but it is frequently offered by agents as a tax - advantaged financial vehicle from which they can borrow as needed later without tax penalties . This also makes it an alternative for individuals who are not able to contribute to a Roth IRA due to IRS income restraints . </P>

Where was the universal life policy introduced first