Your need for life insurance will last for 20 years. You also wish to save some money over that same time period. What kind of life insurance would fill these requirements?

Question

Quizplus · Accepted Answer

Term life insurance provides coverage for a specific period, which could match the 20-year need, but it doesn't include a savings component. Universal life insurance, on the other hand, offers both a death benefit and a savings element that can be adjusted over time, making it suitable for someone looking to save money over a period while also having life insurance coverage. Therefore, depending on individual circumstances such as financial goals, risk tolerance, and the need for flexibility in premiums and savings, either term or universal life insurance could be appropriate.

Your Need for Life Insurance Will Last for 20 Years