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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.

With SBLI, you can protect your family’s financial future without worrying about the drawbacks of a cash-value policy.

Term life insurance is valid for a specific period and guarantees payment if a person dies within that term. With term lengths spanning 10 to 30 years, SBLI ensures your coverage and premiums remain consistent, providing peace of mind. It’s typically one of the cheaper forms of life insurance because it only offers a death benefit for a restricted time and doesn’t have a cash value component.

SBLI offers flexibility, allowing policyholders to adjust their coverage to suit changing financial circumstances. You can also convert part or all of your term policy to whole or universal life insurance until you are 70.

SBLI also provides access to LegacyShield, a user-friendly dashboard that simplifies the management of financial accounts and the storage of essential documents in one convenient place. With a simple online claims process and no medical exams required, the professionals at SBLI can help safeguard your family’s financial future.


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Victoria Vesovski is a Staff Writer for Moneywise currently pursuing her Masters of Journalism at New York University.


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