Term Life Insurance Vs. Universal Life Insurance

Term Life Insurance Vs. Universal Life Insurance

 

  • Universal Life Insurance Covers Long Term Insurance needs in comparison to Term Life which covers Mortgage or a Line of credit or some temporary needs.
  • With Term Life, premiums rise with age. Universal life costs are generally constant with the level cost of insurance option.
  • Universal Life Insurance provides lifelong coverage. Term insurance generally expires at age 80 or 85.
  • Term Life premiums are fixed for the duration of the term. Universal Life premiums can be flexible especially with the over-funding options.
  • No Cash Value with term Life whereas Universal offers optional investment option.
  • Universal Life premiums are non-convertible whereas Term life is convertible to Universal Life or Whole life.

 

 

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