The policy feature that makes universal life different from whole life insurance policies is its

Both universal life and whole life insurance policies can have a fixed face amount, which is the death benefit paid to beneficiaries upon the insured's death. This characteristic does not distinguish universal life policies, as whole life insurance also maintains a predetermined face amount that remains unchanged throughout the policy's term.

Both universal life and whole life policies usually provide assignment options, allowing policyholders to transfer ownership of the policy or use it as collateral for loans. This feature is common across many types of life insurance and does not serve to differentiate universal life from whole life policies.

Settlement options refer to the various ways in which a death benefit can be paid to beneficiaries, available in both universal and whole life insurance policies. These options typically include lump-sum payments, installments, or annuities, and do not distinguish between the two policy types.