June 8, 2016 by Brad Gunning

Who Should Buy Universal Life Insurance?

Term Life InsuranceThe Wall Street Journal published an article exploring the recent upsurge in variable universal life and indexed universal life insurance policies.  The article does a great job explaining how universal life insurance works.  We also full-heartedly agree with WSJ’s breakdown of who should consider buying universal life insurance (short answer: not most people):

Variable universal life can benefit investors in the highest tax bracket who already have socked away the maximum allowable amounts in tax-deferred retirement accounts and similar savings vehicles.

Indexed-universal life policies can be helpful to a wider range of affluent buyers making long-term financial plans. For example, some policies allow for the death benefit to be used to cover long-term-care expenses.

Universal life insurance, on the other hand, is likely not an appropriate life insurance policy for a middle-class family.  Instead, most people are best served protecting their loved ones with a term life insurance policy.  Premiums for term life insurance can be quite low for healthy individuals.  You can apply for term life insurance in as little as 15 minutes through our website.
In you are interested in universal life insurance, we’d be happy to provide a free custom life insurance quote.
The Standard, MetLife, Principal Financial Group, Genworth, & Lincoln Financial Group