Universal vs term life insurance
Depending on which type of universal plan you choose, you may be charged a fixed or adjustable premium. Your premium will cover two things: the cost of insurance (COI) amount and cash value. Personal finance guru Dave Ramsey pointed this out as a downside to the insurance option on an episode of the Ramsey Show.
“If you keep the stupid thing long enough it will begin to be the point that the premium you’re paying will not even cover the insurance cost. And so it starts to eat back into your savings just to keep the policy alive,” Ramsey said.
Life insurance has long been a divisive financial product that helps provide a financial safety net for your loved ones. However, the Assurance study concludes that choosing a life insurance policy “ can make a meaningful difference for their family’s economic fate.”
If you need something a little more flexible than universal life insurance, you should consider looking into term life insurance, which keeps you covered for the entire term of the policy.
By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.
Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.
To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.
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