what is best universal life or a 35 year term?

Answer 1

35 year term because premiums are low and remain level for 35 years. You can buy lots of coverage for low amount of premium. Plus you can save your money in a savings vehicle like IRAs, CDs, mutual funds, savings accounts, and so on. There is no such thing as borrowing when you keep your savings separate from life insurance. If you die during the term, your beneficiary will get death benefits plus your savings and investments.

Universal life has flexible premiums. There are two types of premiums you can pay. There is minimum premium, which closely resembles term insurance and the target premium, which closely resembles whole life. If you pay the minimum, there is hardly any cash value growing. If you pay the target, the cash value will grow faster. Like all other cash value policies, if you want to use the cash value, you have to borrow it. If you die someday, you lose all cash value.

Answer 2

Depends on YOU and YOUR goals: WHY do you want the insurance? WHO is the beneficiary? how OLD are you? will the beneficiary have another income at a later time? (like an annuity or retirment)

People get life insurance to cover the lack of an income (the income from the death person) You want to make sure that your survivors will be able to keep the same standard of living that they have now.

Let's say you want to cover your wife and your kids. let's say that your kids will be in school for another 10 years and your wife will get her retirement in 15 years... then you will only need to be cover for the next 15 years. kids will not be over school for the next 35 years? Then you need to be cover for the next 35 years (rare situation)

How old are you? 20s? then you will be covered until 65 under a 35 year term... 50s? do you really need to be coverede until 85??? most people don't, since they have some other kind of income after their retirement age...

another important question is "how much insurance will you need?" The best bet: enough to cover 20 years of your actual yearly expenses.

On a regular situation, your best bet will be to have term life insurance and invest the diference. Permanent life insurance is usually more than 3 times more than term life insurance.

You can check out some quotes online and go from there (accuquote.com, esurance.com, and all the main ones: aol, yahoo, etc... just type life insurance and you'll see a TON of sites)

Answer 3

There is no right answer until you know more about the individual goals. Both Universal life and Term life are excellent policies but the best policy depends on needs and circumstances and the ability to pay the premiums. If you have lots of money the index UL is excellent especially if you over fund it and pay for it in full in four or five years, be careful it does not become a MEC (modified endowment contract) because of tax reasons. If you don't have a lot of money and need the life insurance then term is the obvious answer to your problem.

An insurance agent should know this stuff!

Answer 4

This depends upon your age. Remember the objective here is to protect your family or loved ones in case you die young.
So you want the most protection at the least cost. Term will give you that.
Insurance should not be looked at as a savings program -you can do better in regular investments like 401K or IRA's.
Since Term does have a finite end date you may want to start with a Universal Life and when you are still young -before 50 get a good term insurance program. (The costs of the insurance is lower the younger you are)
If you plan right by 65 you may be able to drop life insurance since by that time(if you are lucky) your retirement program will sustain you whether you are dead or alive.

Answer 5

Universal life doesn't have a term. It remains in force as long as the cash value is sufficient to cover the mortality and administrative expenses of the policy. I know of no term coverage in excess of 30 years, so if you want coverage to last 35 years for the least premium, UL is likely your best choice.

Have your agent illustrate the policy to last 35 years at the minimum guaranteed values. This will determine the lowest premium that will be guaranteed to keep the policy in force.

You will also want to compare this illustration to whole life. For little more premium than illustrated above, you can have a policy whose dividends will likely pay the premium for you after about 12-15 years. Keep in mind, however, that dividends are not guaranteed.

Answer 6

Depends on the age when the policy is given
Universal life by far is the best investment.
Term life imo is a waste of money.

Answer 7

some good ones