One of the most misunderstood types of life insurance is Universal Life. Today’s Universal Life insurance plans offer long term guarantees such as 20, 30, 40 years or even up to age 120! The face value amount on these types of life insurance policies are guaranteed to remain level and so is the premium for the period of time you select.
Premium paid into a Universal Life policy also creates a cash surrender value that grows at a competitive interest rate. (The current rate is 6.5% tax deferred). These types of life insurance plans gives you the best of both worlds.
The best of both worlds gives you a guaranteed contract (same as term insurance but with longer periods of coverage) and equity buildup on a tax deferred basis.
There are variations of Universal Life Insurance, called Index UL, that offer cash value returns tied to the S&P 500. There is also Variable UL that allows you to invest your cash value (equity buildup) in a variety of mutual funds.
Apply for an online quote for Universal Life Insurance from many of the different life insurance companies that offer Universal Life and Term Life Insurance.