Final answer:
The death protection component in universal life insurance is annually renewable term, which allows renewal each year without medical exams, but with possible premium increases.
Step-by-step explanation:
The death protection component of universal life insurance is annually renewable term. Universal life insurance is a flexible policy that allows policyholders to adjust their premiums and death benefits. Universal life insurance combines a death benefit with a savings component. This savings component accumulates a cash value that the policyholder can use during their lifetime. The death protection element of this type of insurance is an annually renewable term, which means that the insurance coverage is guaranteed for one year and can be renewed each year without the need for a medical exam, although the premiums may increase with age.