Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is the best life insurance policy to buy? The one that fits your needs the best. The best policy is the one that works in your budget so you will continue to make payments and keep the policy in force. The problem for most people buying insurance is the storm of people telling them they've made the wrong choice. The best policy for you is the one you keep in force and is there when you need it.
Tough question, because, believe it or not, life insurance is used for a variety of reasons. There are a variety of types and features of insurance policies because everyone's situation is different.
Consider this analogy. If you walk into a local Home Depot and ask the clerk up front what the best tool to buy is, he won't be able to give you a specific answer until he asks you a few more questions, like "What are you trying to build/fix?" "How big is the project?" "What is your desired price range?"
Life insurance is the same. Before we can direct you down which aisle to look or what tool to grab, we need to know what you are trying to accomplish. So finding a trusted professional in your local area is like finding that very helpful, knowledgeable clerk in the store who will help you confidently make your purchase!
There are a variety of life insurance policies that can fulfill indemnification, income and inheritance planning scenarios, but client suitability is the first order of business to establish the product fit for the consumer. You need to establish your personal profile, risk tolerance and economic goals.
If your goals are to indemnify you beneficiaries from financial loss, is that exposure temporary or permanent. If your goal is tax advantaged retirement income, is your time line at least 15 years long? If you define yourself on the basis of risk and reward, then the varying crediting methods need to match your risk tolerance: Par whole life and current assumption universal life use interest rates. Indexed universal life use both domestic and foreign indices. Variable universal life uses separate sub accounts with access to equities and bond instruments.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
The best life insurance policy to buy is the one that best serves the needs you want to have met in the event you passed away. It could be all term insurance, all permanent insurance, or a combination of the two.
For example, if you have a mortgage you want paid off, you may want to purchase a term insurance policy with a face amount large enough to cover the remaining balance and long enough to cover it til it's scheduled to be paid off. So if there's 18 years left on the mortage, you would want to look at a 20-year term policy.
If you're buying insurance for estate planning purposes, you may want to consider permanent insurance to pay a claim at any point in time regardless of when death occurs.
Many people often need a mix of the two. I would recommend consulting with an independent life insurance agent who can work with you on a personal level and help you determine what coverage is appropriate and suitable for your needs and budget and get it placed in force - there's no cost to using an independent agent (they do not charge fees for their services).
I hope the information is helpful - please feel free to contact me for assistance with your life insurance coverage needs, including quotes and life insurance needs analysis, and if you have any other questions. Thanks very much.
There is no one best life insurance for everyone. Different products are created for different needs, and different companies design products for different types of clients. Even different financial professionals have different impressions about what type of life insurance to get, based on how they see it plugging into your overall portfolio.
It sounds confusing, but when you have a conversation with a life insurance agent who is watching out for your best interests, what you need becomes clear. Sometimes your best policy is determined by the limited choices you may have due to your age or health. Sometimes your budget steers you to your best life insurance.
This may sound like a vague answer, but that is only because life insurance is designed for different niches. Until I know your need, I cannot know how to answer correctly. But once I do know that, you may find choices and prices you never thought possible.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Life insurance is all about mathematics. With hundreds of years’ experience and millions of lives the companies know pretty well how many people are going to die out of a certain age group within a 12 month period of time. This is the basis for all life insurance and every policy is an adjustment of this information. The fundamental thing that is being adjusted is the length of coverage and the guarantee that the premium will remain level.
The absolute best life insurance policy to buy is the one with the highest face amount at the lowest premium on the day you die. Unfortunately, none of us know what day that will be. Therefore, contact a trusted life insurance broker to help you find the best product at the best price for YOUR unique situation.
That is a great question, but a really hard one to answer. Without knowing what your specific goals for the policy are, ( income replacement, cash value growth, debt coverage, a legacy to leave behind, or simply covering funeral expenses) it's really difficult to give you a specific answer. I'd tell you this - if you are looking for a policy that will cover your funeral expenses, leave something behind, or to draw money from, look for a whole life policy. If you are looking for short term coverage, say to cover college debt, buy a term life policy. If money is tight, and you are looking to cover expenses and hopefully leave some behind, get a mix of whole and term life policies, to fit your needs and budget. A good agent will walk you through this. If you need help, drop me a line, ok? Thanks for asking!
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Consider this analogy. If you walk into a local Home Depot and ask the clerk up front what the best tool to buy is, he won't be able to give you a specific answer until he asks you a few more questions, like "What are you trying to build/fix?" "How big is the project?" "What is your desired price range?"
Life insurance is the same. Before we can direct you down which aisle to look or what tool to grab, we need to know what you are trying to accomplish. So finding a trusted professional in your local area is like finding that very helpful, knowledgeable clerk in the store who will help you confidently make your purchase!
If your goals are to indemnify you beneficiaries from financial loss, is that exposure temporary or permanent. If your goal is tax advantaged retirement income, is your time line at least 15 years long? If you define yourself on the basis of risk and reward, then the varying crediting methods need to match your risk tolerance: Par whole life and current assumption universal life use interest rates. Indexed universal life use both domestic and foreign indices. Variable universal life uses separate sub accounts with access to equities and bond instruments.
For example, if you have a mortgage you want paid off, you may want to purchase a term insurance policy with a face amount large enough to cover the remaining balance and long enough to cover it til it's scheduled to be paid off. So if there's 18 years left on the mortage, you would want to look at a 20-year term policy.
If you're buying insurance for estate planning purposes, you may want to consider permanent insurance to pay a claim at any point in time regardless of when death occurs.
Many people often need a mix of the two. I would recommend consulting with an independent life insurance agent who can work with you on a personal level and help you determine what coverage is appropriate and suitable for your needs and budget and get it placed in force - there's no cost to using an independent agent (they do not charge fees for their services).
I hope the information is helpful - please feel free to contact me for assistance with your life insurance coverage needs, including quotes and life insurance needs analysis, and if you have any other questions. Thanks very much.
It sounds confusing, but when you have a conversation with a life insurance agent who is watching out for your best interests, what you need becomes clear. Sometimes your best policy is determined by the limited choices you may have due to your age or health. Sometimes your budget steers you to your best life insurance.
This may sound like a vague answer, but that is only because life insurance is designed for different niches. Until I know your need, I cannot know how to answer correctly. But once I do know that, you may find choices and prices you never thought possible.