New answer on: Which Is Better Term Or Universal Life Insurance?

By: Larry Gilmore

Larry Gilmore — Tue, 04 Jun 2013 23:31:24 +0000

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.

By: David Racich

David Racich — Tue, 04 Jun 2013 23:03:57 +0000

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.