I don't like them both. It is never good idea to combine your insurance and investments together (there could be some rare exceptions but for most people it is not a good idea). If you need insurance - get inexpensive term life insurance. Term is low cost and will enable you to adequate coverage. Then you can invest money left over independently of the life insurance company. Cash value policies on the other hand are very expensive and in most cases those who own such policies don't have enough coverage. Do your own independent research so that you can have a clear understanding and don't fall the victim of some life insurance salesmen or 'advisor' selling you the policy which will pay them the most commissions.
Selecting an agent to properly structure a Universal Life policy and that can explain all the nuances is very important. You don't want to face a situation where you find yourself with a lapsing policy or one that has very little death benefit remaining when you thought there would be a very different amount. Also, don't be fooled by some of the high rates of returns that are advertised, those returns are before fees and those fees can be VERY high.
I agree with Dmitriy. One strategy I use with my clients is to layer the term insurance. The concept is that as you age and SAVE (big emphasis on save) you will need less life insurance. One of my clients we did a 15, 20 and 30 year policies. He will need his highest amount of coverage while his kids are young and his mortgage is high. But as they become self sufficient and as he pays down his mortgage there is less of a need for life insurance.
I like them both, although Whole Life is more expensive. The difference is in the guarantees, Whole Life typically is a fixed level premium with guarantee death benefit and cash value. The risk is low because of the guarantees, but you pay for those with higher premiums. Universal Life is more flexible, with limited guarantees but structured corrected can be a wonderful planning tool. Because of the flexibility of payments and cash withdrawal features, I lean towards Universal Life
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