You pay less now, more later. In the short run, whole life is the most expensive coverage. However, unlike term insurance, it is permanent coverage and usually has a fixed or even a vanishing premium. It can even become a supplemental retirement plan if the need for the insurance is reduced in later years. Over a lifetime, this plan may be the most cost effective.
Universal life is a blend of term and whole life.
The policy assesses a monthly charge for insurance and expenses based on the client's age and then provides a cash fund as well. Generally, universal life is attractive over a 15-year period. If you keep a cash value policy longer, you will probably do better financially with a whole life contract. It is important to purchase coverage from a reputable carrier. Health Insurance Most Americans who have health insurance are covered by group insurance policies through their employers.