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Is term insurance more suitable than an indexed universal life policy for someone in their thirties with three kids?

I have an indexed universal life policy. I realized it's not a good option for me because I could end up losing a lot of money in the end. The agent who sold me the policy promised returns and cash value growth. But the more research I do, the more I learn about the fees, caps and participation rates involved. Would term insurance be more suitable for me? I have three kids and I'm in my thirties. 

Life Insurance
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February 2018

Yes!  Term is the way to go for folks in your situation.  The cost is significantly lower and buying a 25- or 30-year level term policy will provide coverage for your family while your children are still at home.  Hopefully, if you invest wisely, you'll build sufficent wealth to no longer need the term coverage when it's premium lock expires three decades from now.

As with any life insurance change, be sure to have your new term coverage in place before terminating your current, costly plan.

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