For many people, term life insurance does not offer the security they want for their later years. They worry that when a 30- or even 20-year term policy expires, they may not be insurable, or that changes in their health, weight, or age will make another term life insurance policy unaffordable. Such consumers value the guaranteed insurability and fixed pricing of permanent life insurance. They may balk, however, at committing a single death benefit and premium amount early in life, knowing that inflation and changes in family size may require a larger death benefit later in life than they can afford at the time the contract is written. For such farsighted individuals, universal life insurance may be the perfect insurance product.

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