Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best life insurance to buy is one that will provide enough death benefit to make sure that those you love are properly cared for in the event of your death. Part of that need will be permanent in most cases. In other words, you never live so long as to not have final expenses and perhaps other concerns. The remaining portion can be term insurance tailored to the length of the need.
The best life insurance to buy is a policy that meets your specific needs. There are a variety of policies to choose from because they have been developed to meet different needs.
Term life insurance is the type of policy that will cover a temporary need (e.g. length of a loan or to raise children to adulthood).
Whole life insurance will satisfy any need that is present at death at any age (e.g. funeral, passing inheritance to next generation, or paying estate taxes).
Indexed Universal Life is insurance that can provide income during retirement.
Once you have established the need, your agent will then guide you to finding the company that has your best rates. Sometimes poor health can limit your choices of what type of policy you can buy. But you will never know your best policy without a good agent to assist you.
That is a great question, and one we are commonly asked. The answer really kind of depends upon what you want it to do, and your budget. If you want to have a policy to cover a short term loan (mortgage, college loans, etc.) then a term policy makes sense. If you just don't have much money to work with right now, but expect to in the near future, maybe a term policy makes sense. If you want the security of knowing that your rates are set, and won't go up, and knowing exactly what the policy will pay when the time comes, then a whole life policy makes more sense. There are times when a combination of the two work best. The best thing I can suggest is that you contact an agent, and have them walk through your needs with you, and help you find what is best for you. Thank you for asking!
Best type of life insurance is usually the type of Life Insurance that will pay out a death benefit, when your family needs it. Also the best type of life insurance is the type of policy that meets your financial objectives.
This may be a "term" policy, or a "permanent" policy. Everyone's objectives are different, so again the best type of policy is the one that suits your needs.
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Term life insurance is the type of policy that will cover a temporary need (e.g. length of a loan or to raise children to adulthood).
Whole life insurance will satisfy any need that is present at death at any age (e.g. funeral, passing inheritance to next generation, or paying estate taxes).
Indexed Universal Life is insurance that can provide income during retirement.
Once you have established the need, your agent will then guide you to finding the company that has your best rates. Sometimes poor health can limit your choices of what type of policy you can buy. But you will never know your best policy without a good agent to assist you.
This may be a "term" policy, or a "permanent" policy. Everyone's objectives are different, so again the best type of policy is the one that suits your needs.