The biggest question facing many life insurance buyers today is, “Do I need Term Life Insurance or Universal Life Insurance ?” The real question should be, “What is Term Life Insurance and how does it differ from Universal Life Insurance?” Most people really don’t understand these two types of life insurance. And admittedly, it is confusing. We can also help provide you with Term Life Insurance prices as well as Universal Life Insurance pricing. We offer
We’ll attempt to simplify these two contracts for you so that you can make an informed decision as to what is the best insurance policy to fit your situation. It’s kind of like taking your car in for a tune up. All you care about is that your car will run smoothly and not break down. It doesn’t matter if the mechanic uses one type of spark plug or another. All you care about is performance. So let’s try to simplify this cloud of confusion.
Term Life Insurance prices typically cost less than Universal Life for the same amount of face value because it does not build up any equity. It allows you to buy large face amounts for very little money. You are fully covered during the term of your insurance policy, but at the end of that time, you do not receive any cash back. Term Life Insurance is popular with younger people who need large amounts of coverage to protect young families but also need to keep their premiums low. It’s also popular with those who only want coverage in the event of an untimely death and prefer to invest their extra money (money saved by paying lower premiums) into stocks and other investments rather than building up savings through a Universal Life policy.
Universal Life Insurance will cost you somewhat more than Term Life Insurance prices for the same amount of face value, but it generally provides coverage for a longer period of time and allows you to build up tax-deferred savings. One of our trained advisors can help you decide which of the different types of life insurance better suits your needs.
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