In addition to the policy provisions outlined above, Universal Life Insurance policies require further provisions because of the peculiar nature of the product. A Universal Life Insurance product is defined as any policy in which a life insurance company deducts separate and explicit charges for mortality and expenses and in addition credits the policy with extra interest credits (except dividends). The provisions described here exclude Variable Universal Life Insurance where the interest credits vary depending on the performance of assets in separate accounts backing the policies.  The main thrust underlying these special provision is the principle of disclosure.  All universal life insurance policies shall therefore state the following:   1. The minimum annual interest rate guaranteed under the policy   2.        A table showing maximum guaranteed mortality charges by age.  3.        Maximum guaranteed expense charges.  4.        A description of how the interest credits are determined.  5.        If the policy allows the owner to change the basic coverage, then any limitation on the amount or timing of the change must be explicitly stated in the policy.  6.        If the policy allows the owner to increase the sum assured, then the policy must state whether a new contestable and/or suicide exclusion period will apply to the additional coverage.  7.        Any surrender or partial withdrawal charges must be stated.  8.        A description of the insurer’s investment policy for the assets supporting the products. 

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