<Li> Leave the policy alone, and let it potentially expire early (if COI charges deplete the account), or </Li> <Li> Make additional or higher premium payments, to keep the death benefit level, or </Li> <Li> Lower the death benefit . </Li> <P> Many universal life contracts taken out in the high interest periods of the 1970s and 1980s faced this situation and lapsed when the premiums paid were not enough to cover the cost of insurance . </P>

When can a universal life policy be surrendered for its cash value