universal policy

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PostPosted: Tue Oct 18, 2005 8:54 am   Post subject: universal policy  

I am 59 and my husband is 64 now. Each of us having 10 years term policy of 100,000. Now we are thinking of a universal life policy of 100,000. Would it be a right decision to buy the universal life and stay with that?

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PostPosted: Wed Oct 19, 2005 4:12 am   Post subject: universal policy  

You may consider the following while deciding how much life insurance is needed:

  1. If you have sufficient assets or the retirement funds you can then leave the idea of additional life insurance.

  2. If you or your husband would be able to work even after the expiration of 10 years term life policy you need to renew that until both of you two actually retire.

  3. If the husband's policy expires after his retirement then you may consider some protection for short term needs. For the short term purpose you can convert the term policy to a universal policy. But check whether you have the conversion option or not. Without the conversion option a small cash-value life would be appropriate for the above purpose.

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