Life insurance is a necessity, no matter what your age. Universal insurance is a policy that is permanent, rather than dependent upon your job or other conditions. Term life insurance is much more budget friendly, it does not accumulate a cash value like universal insurance, which means that any money that you put into it will be lost if you leave your job or do not meet their conditions.
If you want an insurance that accrues in value, you want to consider universal life insurance. The value will build up over the years of payments and you can actually borrow against it. It can reach a level of value where the interest on the money will pay the premiums, which means that it will last for the rest of your life. Once you pass away, the cash value will be paid to your beneficiaries to cover funeral costs and your familys other needs.
While most people go with the term life insurance option that is offered by their employer, there are some cons to this type of insurance. One is that term life insurance is only good for as long as you are working for the employer that you purchased the policy from. If you leave the workplace, even due to your illness or condition, your insurance will lapse, which could leave your family with nothing if you pass away.
While no one wants to think about dying and leaving their family, none of us are guaranteed the next day. By preparing ahead by buying life insurance, you can ensure that you leave your family with one less worry in paying funeral costs or in covering day to day expenses with your loss of income. Universal life insurance can give you this coverage on a long term basis.
Although universal life insurance will cost you more, it can be more than worth it in the long run. Your family will thank you for it if you pass away, as they will be able to cover some of the expenses that they have. Consider universal insurance over term life.