As we sat down and review, many of them expected they do not have to deposit premiums in a few years time. However, many of their policy were Universal Life Insurance without the “guaranteed paid up” rider, their premium duration would all depends on their investment returns. Unfortunately, investment has not been giving the return that the policy is needed. Not only that, some plans that I’ve reviewed have increasing cost of insurance, which means premium would increase according to the insured’s age. Clients might not notice that in the early years, but the increase would be so drastic when they get old.
Non-guaranteed returns with increasing cost of insurance is the type of policy I have encountered a lot. If you don’t want so many variables in your policy, perhaps, you could consider the one that has the “guaranteed paid-up” rider. This would guarantee that you only have to pay premium for a pre-stated period of time, while the coverage would last for life.
Since everyone’s situation is different, so the best would be to first discuss with your financial advisor. Of course, you may also contact me to discuss further.