Whole life is permanent, while Universal Life offers long-term protection. With whole life, your premiums are fixed and guaranteed never to rise1. As long as you continue to pay them, you can count on the life insurance benefits being paid to your beneficiaries.
What are the disadvantages of universal life insurance?
Choosing between them can come down to specific features, like how the cash value component works and how much flexibility you want. Generally, whole life is simpler and more predictable, and universal life allows for more flexibility throughout the duration of your policy.
What's the difference between universal and whole life insurance?
Dave Ramsey is not a fan of whole life insurance\n\n Many financial experts advise against buying whole life insurance. And Dave Ramsey is one of them. In fact, Ramsey point blank says whole life insurance is a rip-off.