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My wife and I just bought a Universal life insurance policy. We each have $100,000 in coverage. After talking to my parents, who are 59 and 58 years old and have term life, we think we are paying too much per month for premiums. Our agent showed us and told how the premiums we pay will partially go into a savings account and collect interest. This looked like a good thing and that is why we went with the Universal coverage. He also told us that the premiums for term would keep going up as we got older. My parents pay a combined $65/month for there life insurance (with $150,000 coverage each). My wife and I pay a combined $125/month. After talking to my parents and reading up on the difference between universal and term, it seems that the money that is suppose to be in a “savings account” with universal, might not be all it’s cracked up to be. I know they gaurantee you a certain interest rate, but that is only if they perform and make the profits that they need to. My question is will there really be as much money in a “savings account” as the agent showed us, or will we cash out at the end and only get a few hundred dollars? Can you explain the difference a little better for me? Thank you very much for your time