I had a financial advisor tell me term life insurance is the way to go. However, my brother-in-law swears by his Universal life policy. Which is better?

Quote from slittle90 on 02/28/07 at 14:17:31:

 
Like what? What would be a good reason to buy UL?

slittle90 and insMan both bring up good points. Everyone's situation is different. With that said, what we have found here at QuickQuote over the past 12+ years is that term works very well for most people.
 
Also, do not forget the potentially tax-deferred cash value build-up that permanent type life insurance products offer. Most people do not need the advantages of this feature, but it can be a good fit for the wealthy.

It depends on your personal situation, and your life insurance needs.
 
When choosing a life insurance plan, make sure to determine what your goal is for the life insurance. Is it to provide protection, invest for the future, or both.
 
Also, you need to know how much life insurance you need, how much you can afford to pay, and what the financial strength rating of the insurer is before you buy.
 
Term life insurance provides temporary protection for a specific number of years, usually 1-30 years. It's less expensive because it provides life insurance only, no investment.
 
Universal life insurance offers premiums that are flexible, not fixed, life insurance protection that is flexible, not fixed, and the insurance company expenses and other charges are specifically disclosed to the purchaser.
 
If you need the most coverage at the lowest price, term life may offer a good option.
 
If you need life insurance protection with the opportunity of an investment account which may grow in the future, universal life may be an option to consider.