The best life insurance plans are different for different people, because no two people have exactly the same financial scenario or personal details.
One 40 year old male may own a home, be raising three teenagers soon to go to college, and have no health problems. He is certainly going to want a large policy to cover his family if he should pass away, and to be able to afford that much, he is probably going to want to take it in term insurance.
Another 40 year old male may have finished treatments for stage 4 colon cancer a year ago. The policy he gets it going to be much smaller, will probably be whole life, and will be graded for at least two years. While the best plan for his family would be more like what the first man got, the best plan for him, in reality, will be one he can get. He can then replace it with one that has a larger face amount after his cancer has been in remission for a number of years.
PS The ironic thing is, most people who can get the best plans for everyone, put it off until they can no longer get them.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Life insurance is a mortality product offered as term and permanent policies. There are also several types of polices with varying crediting methods. Product suitability needs to be correlated to the personal financial profile of the potential buyer. That profile needs to include a risk tolerance assessment and the timelines of coverage based on financial liabilities, future obligations and charitable intent.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best life insurance plan is the plan that an agent has tailored for you. That agent should have listened to you, offered sound financial advice and communicated clearly with you and the company. If price is your concern, life insurance is based upon mortality. The number of cases that have been placed into the data base is truly staggering. As a result the mortality used by the various companies is almost identical. The premium is then a function of how long the policy will last before it expires. Longer policies have a higher annual premium than shorter policies because mortality accelerates. If the policy is designed to be permanent then another factor comes into play and that is the earnings of the cash value in the policy. Policies can offer 100% guarantees all the way down to no guarantees. This affects the price a great deal.
That is a great question! The answer to your question depends entirely upon what it is that you want the policy to do for you. A term policy might be best, if all that you want to do is ensure against leaving a particular debt behind unpaid, or if you are short on cash. A whole life policy might be best if you want the security of knowing that you have coverage you wont outlive, or if you want a source of cash available should you need it. If you want specifics for you, contact one of us agents, we are happy to help! Thanks for asking!
.JPG){kind=avatar}
One 40 year old male may own a home, be raising three teenagers soon to go to college, and have no health problems. He is certainly going to want a large policy to cover his family if he should pass away, and to be able to afford that much, he is probably going to want to take it in term insurance.
Another 40 year old male may have finished treatments for stage 4 colon cancer a year ago. The policy he gets it going to be much smaller, will probably be whole life, and will be graded for at least two years. While the best plan for his family would be more like what the first man got, the best plan for him, in reality, will be one he can get. He can then replace it with one that has a larger face amount after his cancer has been in remission for a number of years.
PS The ironic thing is, most people who can get the best plans for everyone, put it off until they can no longer get them.