There is no correct answer for that question. It depends on your circumstances. Rates are determined by age and health, type and amount of coverage applied for. A person with excellent health age 30 applying for $100,000 coverage may get an excellaent rate from a company, but a person 55 in excellent health may get a better rate thru another company. The best thing is to sit down with an experienced agent who represents many companies and have him help you find the best and most affordable company for YOU!
The best and most affordable life insurance is what is best and most affordable for your unique situation.
For a couple in their 30's purchasing a home, Term life insurance may be best and most affordable. It can be inexpensive for a large amount of coverage, and the need will theoretically end when the mortgage ends, so you can tailor the term to fit the years of the mortgage. Choosing a convertible policy will ensure that life insurance is available even if a serious health problem arises.
For a healthy woman in her 60's looking for final expense insurance, taking Term coverage would not be a good idea. If the term ends before she passes, there may well be no affordable way to extend or replace that policy. It would be far better to lock in a permanent rate while she is healthy.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is the best and most affordable life insurance? The best and most affordable is going to depend on your need. Situations have different answers depending on the need.
Coverage for a short period of time say 20 years or less? Pretty much always term for premium cost. However, if you are seeking your money back with a reasonable return, universal life may the the answer. You can see there are variables withing variables depending on your needs.
For long periods of time, greater than 20 years or lifetime, permanent is usually the best answer. While expensive upfront, the cost is locked in and doesn't increase over time and usually provides a return that builds cash values.
Simple rule of thumb is term is the cheapest to start with, the most expensive to finish with. Whole life is the most expensive to start with, but the cheapest in the long run.
For most budget conscience consumers, 30 year term life insurance with a conversion provision is the best bang for the buck on affordable life insurance. I choose 30 years because many consumers have mortgagees that last that long. I recommend term insurance with conversion provisions to maintain the option to convert to permanent life insurance if it’s deemed necessary. Make sure the permanent policies are worth converting to before you purchase term life insurance. Remember, the key issue is affordability. Guaranteed term life insurance can be purchased for guaranteed periods starting at 5 to 30 years. Guaranteed term life insurance with convertibility is more than likely the best option for most.
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For a couple in their 30's purchasing a home, Term life insurance may be best and most affordable. It can be inexpensive for a large amount of coverage, and the need will theoretically end when the mortgage ends, so you can tailor the term to fit the years of the mortgage. Choosing a convertible policy will ensure that life insurance is available even if a serious health problem arises.
For a healthy woman in her 60's looking for final expense insurance, taking Term coverage would not be a good idea. If the term ends before she passes, there may well be no affordable way to extend or replace that policy. It would be far better to lock in a permanent rate while she is healthy.
Coverage for a short period of time say 20 years or less? Pretty much always term for premium cost. However, if you are seeking your money back with a reasonable return, universal life may the the answer. You can see there are variables withing variables depending on your needs.
For long periods of time, greater than 20 years or lifetime, permanent is usually the best answer. While expensive upfront, the cost is locked in and doesn't increase over time and usually provides a return that builds cash values.
Simple rule of thumb is term is the cheapest to start with, the most expensive to finish with. Whole life is the most expensive to start with, but the cheapest in the long run.