Universal Life a Good Move?

Q: About a year ago I cancelled my term life insurance ($300,00 policy for 30 years) because I didn't want to get a new policy after the 30 years and end up paying a lot more due to old age and possible health issues.

I now have universal life in which i pay $26 monthly for a $50, 000 policy.

Did I make a good move?

Do you have any suggestions?

A: You didn’t mention how much the term was costing you. There real question is now much coverage do you need? $50k isn’t much, especially if your life expectancy is over 25 years.

The other question is whether you will need insurance once you are retired…

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