I recently applied for univeral life insurance. Can I purchase term in the meantime..?

..In other words, can I purchase term life insurance while awaiting confirmation of my universal policy - with the same insurance company (I know I will be approved for universal because of my good health). Please, informed answers only. Thanks everyone.

Yes you should be able to apply and receive term insurance on top of the UL. Read the below link on UL policies. It shouldn't take any longer than the UL policy. If the term policy is the same amount as the UL, then it should be faster- you have already been underwritten for the UL.

My concern is why you needed the insurance in the first place. Do you have family that depends on your income? How well have you planned for your financial future? Are you getting the highest return on your investments? Did your agent check this out for you prior to you purchasing the policy? If not, you may be undercovered and/or paying too much for the UL policy.

Insurance is all about what you want to do for your family should you pass- do you want them to live the same, worse or better than they are right now?

Are you concerned that you might die before the UL policy is issued?

You might have provided a check for the first one or two months of premium payment, along with you application for life insurance. If so, you should have gotten a "conditional receipt". This means that if you die before the UL policy issued, and if the insurance company would did not have a basis to reject your application for a policy, you do have a certain amount (if not the entire face amount) of life insurance.

You can apply for term insurance -- but if you apply for term after you applied for the UL, you probably wouldn't get the term policy until after you get the UL policy.