How Long Before Someone Should Switch From A Term Policy to Universal Life Insurance
It depends because everyone is different. High risk-rewards policies such as IUL & VUL have higher growth rates and are great for those in an upward market - and when done for less than 5-10 years. In short, it usually comes down to the desired cash
flow for the present vs the future. How much can that person allocate each month towards the policy? $1M in term life insurance could only cost $50 / month (higher payout in near present in case of death) but $1M in whole life costs exponentially more (guaranteed payout in future + dividends/discretionary income too). The decision should be based on one's own financial portfolio and risk acceptance.