As a mommy, we often get to decide on the things to buy for the household. We even choose what kind of life insurance to get for the family. Do we have a budget for it? Do we really need it? What kind of insurance does the family need?
That’s when we weigh things out: universal life insurance vs term life insurance.
Term life insurance costs less than universal life insurance. It gets you fully covered during the term of your insurance policy but you don’t receive any cash back in return. While Universal life insurance, while it may be a little expensive, generally provides coverage for a longer period of time. It allows you to build up tax-deferred savings which you could get as a cash-back .
If you have the extra budget for it, I suggest you get Universal life insurance.