Brian Williams Insurance
Universal Life - Universal Life premiums are adjustable. Adjuste premiums allow the insured to change their premiums from time to time. In many cases Universal Life also allows you to change your amount of life insurance at various times as well.
Pro's
- Premiums are adjustable
- Policy has Cash Value
- Cash Value can be used by loans or by surrendering product
Con's
- Complicated product to understand
- Policy can run out of money if premiums are to low causing the policy to lapse
- Needs constant monotering
Term Life - Term is generally the least expensive life product. Term Life covers you for a set amount of time At the end of the Term depending on the product you can renew the Term at a higher rate or convert the policy to anouther type of policy.
Pro's
- Inexpensive while you are young
- Can buy alot of coverage
- Ability to Convert or Renew Policy with out undewriting
Con's
- Rates can get very expensive as you get older
- If illness occurs you may not be able to change to a lower rate
- No Cash Value
Life Insurance
Life Products
What is the Best Life Insurance
I hear it all the time, Whole Life is best becuase it has cash value, Term is best becuase it is cheaper and you can invest the differance, Universal Life is best becuase it gives you flexability. Everyone of those policies is the best, for each of those reasons. Here is my philosphy in a nutshell. If you have a need that is going to last your entire life buy whole life. If you have a need that will only last a certain amount of time by term. If your needs will change often buy a Universal Life. Each one of these policies is perfect for someone. I personally afraid of any advisor that says only one type of product is the best. It is in my view that anyone who declares that their product is the best is trying to sell you something.
The Best Life Insurance is the policy that meets your needs nothing more and nothing less.
Whole Life - Whole Life premiums stay the same throughout the life of the contract. Whole Life products generally cover the insured for their entire life.
Pro's
- Premiums never increase
- Has Cash Value that you can borrow against
- Cash Value can be used to take a Reduced Paid Up Option or Cashed in
Con's
- More expensive than term
