The two classic types of life insurance are whole life and term life insurance. These two types of insurance are very easy to understand and are pretty much the most popular types of insurance around. However, there is a newer type of insurance that is gaining popularity, especially with younger couples due to many reasons.

The reason that universal life insurance is gaining popularity is that it is a nice blend of both whole life and term life insurance. Universal life insurance offers the low rates of term life insurance but gives you the guarantee of continual insurance until your death just like whole life insurance. However, you must be careful when purchasing the policy and that you fully understand how the policy works. Let me break it down here for you.