The term “universal” in universal life insurance meaning refers to the flexibility it offers. You can adjust your premium payments, the coverage amount, and the investment options. This is ideal for Australians facing changing life stages, from raising children to entering retirement. Whether you’re a farmer in Mildura, a freelancer in Byron Bay, or a small business owner in Rockingham, this flexibility is invaluable. It’s insurance that fits your lifestyle, not the other way around.