Explain Universal vs Term life Insurance Quotes?
November 12th, 2010My wife and I just bought a Universal life insurance policy. We each have $100,000 in coverage. After talking to my parents, who are 59 and 58 years old and have term life, we think we are paying too much per month for premiums. Our agent showed us and told how the premiums we pay will partially go into a savings account and collect interest. This looked like a good thing and that is why we went with the Universal coverage. He also told us that the premiums for term would keep going up as we got older. My parents pay a combined $65/month for there life insurance (with $150,000 coverage each). My wife and I pay a combined $125/month.
Tags: Insurance, Life Insurance, Term Life