The value of universal life insurance
One last point made by Mr. Opdyke discusses the type of policy that should be bought. He is an advocate of buying term insurance instead of cash value insurance, and investing the difference in premium. He makes this recommendation because he considers cash value to be significantly more expensive than term. He also maintains that cash value policies don't break even for years.
It is clear that Mr. Opdyke is talking about whole life insurance in this regard, and is unfortunately disregarding the benefits of universal life insurance. Universal life insurance has two distinct advantages over whole life that can make it very suitable for consumers who are mindful of the cost and benefits of life insurance.
The first is that universal life insurance can be structured to guarantee both the death benefit and the premium on a permanent basis, for a comparatively low price. In such a policy the cash accumulation is minimal and so one ends up with what is basically permanent term insurance.
Also, universal life insurance can be structured so that the return of all premium paid is guaranteed after a specified time frame. This allows the consumer to recoup all expenses after the required coverage period. It can also allow for the continuation of coverage if needed.