What you look for in life insurance will depend on what your specific needs are. If you need temporary insurance coverage, then you should probably look for term policies and compare prices to ensure you get a good price.
If you are looking for permanent coverage, or are looking to use life insurance as an asset/cash accumulation tool you should look for policies from companies with strong financial ratings and a strong track record for either paying interest or dividends.
Some things to look for in life insurance are price, rating of the company from which you plan to buy the policy, the health rating you would get (although a lower health rating does not automatically equal a lower price, it can help to go with a company that will rate you lower than another), guarantees, and getting the right product for your particular need.
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If you are looking for permanent coverage, or are looking to use life insurance as an asset/cash accumulation tool you should look for policies from companies with strong financial ratings and a strong track record for either paying interest or dividends.