Debating Universal Life vs. Term - What's the Average Cost?
My husband (30m) and I (32f) just got married a few weeks ago and are debating whether to do a universal policy, 30 year term with a conversion rider, or just a 30 year term. We are looking at working with Penn Mutual because a family friend works with them and we know they offer the option to convert from term to universal in the future if we decided we wanted to do that. (Though we are open to other recommendations as well.)
We'd at least want $500K to pay off the house, but have no other outstanding debts and if the house was paid off each of us could live off our single salary. We don't currently have kids but might consider having 1-2 in the next 5 years so we might potentially want to add an additional policy in the future or do a bit more than the $500K.
Can anyone give us a rough estimate of what each policy might average per month? I have no idea what we should be budgeting for or what to expect as far as payments go. (I do know my mom has a whole life policy for $140 per month but has had it since before I was born.) My husband is healthy and only has an ADHD diagnosis. I have ADHD and 2 autoimmune diseases (Hashimoto's that is well managed on meds and Sjogren's that is almost dialed in on meds) so I know that complicates things for me a bit more. I don't drink, he drinks occasionally. We're in the Salt Lake City, UT area.
Looking to know monthly ranges for:
$500K, 30 year term
$500K, 30 year term with conversion rider
$500K, whole life
$1M, 30 year term
$1M, 30 year term with conversion rider
$1M, whole life
Would also appreciate any other recommendations you have if there are other things we should consider!