Term Vs Universal

Dave talks to Bill about adding some more term life insurance and dropping the cash going to his universal policy.

QUESTION: Bill has a $1 million term life insurance policy that will expire in 8 years. He also has a universal life insurance policy that he wanted to cash out and pay off debt. It has a $10,000 surrender value and he wants more term life insurance. What should he do?

ANSWER: Get some term insurance in place and drop that cash value crap. Then take the amount you were paying and get out of debt, then your long-term investing.