Which Is Better Whole Life Or Universal Life Insurance? 
That is a great question ! The answer depends upon a couple of things , your tolerance for risk , and whether you are a `` buy and forget about it '' or a `` keep tabs on everything '' person . If you want to buy a policy that draws automatically from your account , and you never have to think about it again , -LRB- other than to change beneficiaries , or borrow from it -RRB- buy whole life . If you have a high risk tolerance , and like to check often on how things are doing , then you might be fine with a UL policy . There is a much greater risk of this policy lapsing than with the whole life , and this is a great possibility if you are n't paying attention to how well it remains funded . Your premium payments can increase with this type of policy , to keep it afloat , so this is definitely not a `` buy and forget '' type of policy . I hope that helps , thanks for asking ! 