<prompt> Human: So Im in the middle of reading the FAQs for this subreddit and just finished the section on life insurance. Definitely wish I had read it before I signed on for a universal life insurance policy last week... My mom has had me as a rider on her life insurance policy since I was a kid, but I have now reached the age where I can no longer be a rider and need to take over the policy myself. My mom insisted that it was essential that I convert my rider policy into a stand-alone policy because this would be my only chance to get life insurance without answering medical questions. As a Type I diabetic she fears that in the future I will either be denied life insurance or have an insanely high premium. The policy I just signed up for is worth 25,000 and I have to pay 25 a month. I tend to just take my moms advice on financial matters and so I didnt really think too much about it. Was this a big mistake? Im not married, I have some student loan debt, I have no retirement savings as I am not benefits-eligible at my job. The vibe I get from rpersonalfinance is that life insurance is useless for someone my age, but does it make a difference if I have a medical condition like diabetes? Wouldnt it just make more sense for me to put that 25 a month towards something else for right now, and then just pay whatever the higher premium is for life insurance later on in life after I get married or something? Can I withdraw money from a universal life insurance policy or is it really only used for death benefits?Apologies if this is too many questions for one post, I really appreciate any advice!!  <response>: I would keep this policy. Having done some mortality risk management underwriting auditing, primarily, type I is always a bad risk even with great control. 25 a month likely isnt breaking the bank, and it can be used as a final expense insurance policy. When you have dependents, you definitely should purchase term insurance. It will cost you quite a bit more than someone without type I, but its still probably worth it to provide protection for loved ones :.Universal life policies do have cash value. Often times these type of policies allow surrenders both partial and full as well as loans. Youd have to look at your specific contract. 