Each situation is different when it comes to how much life insurance you may need. At the very least, an easy way to calculate a number is to multiply your income by ten. If you want to go even more in depth, add up all your debt, and then add extra for college and burial expenses. Just don’t forget to take out your assets when doing the calculations.
Universal life insurance is a permanent life insurance policy that accumulates cash value. Unlike whole life insurance, you can adjust the premiums you pay should you need to. This will, of course, affect the cash value accumulations. It can be a great investment option.