It's been associated with a whole life plan for the HNW because there's income requirements to qualify even though most recently GE has removed the $180k/yr income as a pre-requisite. (Anyway OCBC's UL is the same since it's a GE product)
It's somewhat a hybrid whole life with some elements of ILP. UL is traditionally paid as a lump sum up front or with downpayment and the balance through premium financing but the latter is not attractive now since you're paying maybe 4-5% for the financing while the product's yield isn't this high. There have been regular premium UL over a 10-year payment term but in terms of total payment, it's going to be far higher than a single premium upfront.
The purpose of a UL is usually in the form of a legacy which can involve the use of trusts even though term policies can well serve this same purpose. Those who do buy a UL definitely have spare cash because they are less likely to think of the lost opportunity cost that they could have gotten from this large sum of cash paid upfront. Hence it's the lowest possible amount paid for that sum assured instead of paying over 40-50 years.
