Investing in a life insurance policy is something that most working Americans should consider, especially if they are the main breadwinner in a household. it’s important to remember that financial liabilities and costs incurred in life remain a burden on your loved ones in the event of your untimely death.

But actually determining which type of life insurance policy to acquire, whether it’s a universal or term life insurance policy, can be a daunting task to most people. Most financial planning experts suggest that folks take an honest look at their financial situation to determine what will need to be covered and what kind of economic foundation they’ll be leaving behind.

Jeff Reeves, writing for USA Today in late June, argued that both types of policies have their benefits. While a universal policy provides the kind of long-term protection that some people crave, there are others who like to limit their insurance protection to specific length of time. Americans who have entered retirement already but want to safeguard their assets might gravitate toward a universal life insurance policy, as term insurance might not cover them beyond a certain age.