Universal Life Insurance Isn’t the Investment You Think it Is. Here’s What to Do Instead
July 13, 2021 by Erin Gobler
If you have dependents, life insurance should be part of your overall financial plan. It provides financial support to your family if you pass away and gives you peace of mind that your loved ones will be cared for.
But what about when you’re still alive? Universal life insurance is often sold as a combination of life insurance and an investment product. Similar to whole life insurance, universal life insurance lasts for your entire life (as long as you pay your premiums) and provides a standard death benefit coverage as well as a cash value that grows over time.