Universal Life Vs Whole Life

What reasons would a UL be better than WL? What are the negatives of a UL.

Thank you

Assume you're talking about current assumption UL, not GUL - and that you're talking about a fixed UL product (not a VUL, or IUL). Bottom line would be the underlying engine -- WL = carrier dividend, UL = declared interest rate. Which are you more comfortable with long term? Guaranteed cash value with WL.
 
The UL has flexible premiums... but comes at the expense of an increasing cost of insurance over time. As long as you over-fund the policy, it's best for those with a variable income.

The WL has fixed premiums... with higher guarantees, and participates in carrier dividends.

Which is better for YOUR client?
 
What reasons would a UL be better than WL? What are the negatives of a UL.

Thank you




Without knowing anything about reasons why a consumer thinks they need life insurance or the reasons to why they actually NEED life insurance it's hard to say which is better. Now generally speaking I can say without a doubt that the best type of policy to own whether it's UL or WL is the policy that's in force the day you die and the best time to buy life insurance whether it's UL or WL is on the day before you die.
 
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