Term Insurance or Universal Life Insurance Which one is better for you?
When you shop for the best Phoenix Life Insurance plan you first need to consider whether you need a term policy or universal life policy.
Each plan below has its advantages.
Term Insurance – keep in mind that premiums on term insurance eventually go up. Oh sure, you can lock a Phoenix Life Insurance premium in for 10 years, 20 years or even 30 years but at some point the policy either expires or the rates skyrocket.
There is no cash value (typically) on term insurance. Some Phoenix Life Insurance term plans offer a rider to offer cash back but you are better off avoiding those plans. Term insurance is typically cheaper when you are younger but can be very expensive when you are in your retirement years.
Term life insurance is often best for those who need or want Phoenix Life Insurance for a short duration. If you are someone who wants or needs Phoenix Life Insurance for the rest of your life (that could be until old age) then you should consider a Universal Life plan.
Universal Life Insurance – Also called UL, these plans have grown in great popularity in recent years because you can now lock a premium in for up to age 120 years. Since almost no one lives beyond age 100 that offers an excellent Phoenix Life Insurance plan to cover you for the rest of your life.
Universal Life Insurance usually gains cash value, but it is best not to consider these plans for any cash accumulation. Usually the cash inside the policy is what helps it stay afloat for so many years. Some Phoenix Life Insurance plans of this nature accumulate barely any cash value.
The best Phoenix Life Insurance plan is usually the UL because it locks in a premium at your age today for the rest of your life. And that is often our recommendation. Since you do not know the exact date of your death, lock in a Phoenix Life Insurance policy that will be in force today, tomorrow and the future.
So, which plan is best for you?
Let us offer some no-obligation guidance and advice on best protecting you and your family. The Phoenix Life Insurance consultation is FREE!
For a quote on Phoenix Life Insurance (term insurance or universal life insurance) click the life insurance quote button above or call us at (480) 659-0229.