Which Is Better Term Or Universal Life Insurance?

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    David RacichPRO
    Fountain Hills, Arizona
    Product selection is based on the economic liabilities being temporary or permanent. Term life insurance for younger insureds can extend to 40 years, whereas permanent coverage can go to maturity dates of age 121 or longer with some companies using the phrase, “life of the insured.” If your need is permanent and death benefit coverage is the only issue, most planners recommend guaranteed universal life as their permanent product of choice.
     
    Answered on June 4, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Which is better term or universal life?   For what need? These types of insurance are extremely similar with each having an advantage over the other based on the time frame involved that we are insuring.  Term hands down works best in short need situations like 10-20 years. Beyond that if you're allowed to retain your term coverage, it becomes quite expensive. For 20 years plus, universal life is a better product, especially if you want your money back.
    Answered on June 4, 2013
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