No matter your age life insurance is something to seriously consider. Universal insurance is a kind of policy that is permanent and not subject to your job or other conditions. Term life insurance is much less expensive but it does not build up in cash value like universal insurance does, which means that any funding you put into the policy is lost if you change jobs or no longer meet the policy conditions.
If you want life insurance that builds up value over time, then you need to consider universal life insurance. As the value accrues, eventually you can even borrow against it in the form of a loan. This flexibility makes universal life very attractive over term insurance. Eventually the interest earned can pay the premiums, effectively making your coverage last for the rest of your life and costing you nothing out of pocket eventually. Once you die, the cash value is paid out to your beneficiaries and can be used to cover expenses like funeral costs and whatever your family’s other needs may be.
Most people choose term life insurance as it is usually offered as an option from one’s employer. There are, however, some issues to consider with this kind of insurance. One con is that term life insurance only lasts as long as you are working for the employer from whom you bought the policy. If you are laid off or wish to leave the job, even if it is due to an illness or a condition beyond your control, your insurance will be terminated and this could leave you and your family vulnerable to penury should you die.
While no one likes to ponder death and dying, you owe it to your family to be prepared for such tragic possibilities. By thinking ahead and purchasing proper life insurance now, you can ensure that your family is left in good stead and able to cover the costs of a funeral and everyday living requirements associated with the loss of your income. Universal life insurance is what can provide this coverage for the long term.
Although universal life is more expensive, the benefits outweigh the extra costs for many. Your family will be protected should you unexpectedly pass away- Call your insurance professional today to learn more about universal insurance.