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[quote=Anonymous][quote=Anonymous]Okay, so I figured out that this is a universal policy, it's similar to whole I guess but it has an investment component. If we got a term policy it would expire, so what's the benefit of getting a term policy which you may outlive and then getting whole life would be expensive right because I'd be much older?[/quote] The benefit of getting a term policy is that it will be much cheaper to get insurance for the period during which you need insurance, and then you can take the money you are not spending on fee-laden, expensive universal life and invest it somewhere else. You don't need life insurance for your whole life-- just the period during which someone is depending on your paycheck. If you really need life insurance coverage for more than 30 years and have unlimited funds to spend on life insurance then perhaps you want to consider whole/universal life, but that's not the case for the vast majority of people.[/quote]
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