How refreshing to not hear Term vs Whole Life. The question is how to decide which product is appropriate for your family protection.

A simple rule of thumb would go something like this. If you can determine (approximately) the point in the future when you won’t need the coverage then you have a term insurance need. An example would be if you have an eight year old child. That translates into a 15 year term insurance need. I always recommend you carry coverage for the protection of your children until that age when they could have at least one college degree under their belt.

If the need is one that never goes away, whether as simple as final expenses or as complicated as estate protection, the universal life is the appropriate product. You want something that is guaranteed to still be in force when it’s needed. Always insist that your universal life policy is guaranteed for life. And always insist that your universal life uses a no lapse guarantee instead of cash value.

Bottom line. 98% of all life insurance needs are term insurance related. Never use whole life or cash value heavy universal life if you need permanent life insurance.