1. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The absolute best type of life insurance policy is the policy that accomplishes your unique goals at the lowest premium. For example, if you need a life insurance policy to pay for a debt like a 25 year mortgage, then the best policy is a 25 year term life for the amount of the debt. If you need to create an instant estate to replace your income for your loved ones then perhaps you need a 20 year or 30 term life policy. If you need a set death benefit for your entire life then you should consider a whole life insurance plan. Last if you want a death benefit, critical illness protection and a cash value that can be used for a tax free retirement, you should consider a universal life insurance policy. I recommend sitting down with a trusted advisor to help sort out all of the options that life insurance can be used for throughout your life.
    Answered on November 16, 2014
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    There is no one best type of policy for every person because each person has different needs, and each type of life insurance is created for certain types of needs. If you have someone tell you that there is one best type of life insurance policy for every situation, find someone who sells different types of policies, explain your specific needs, and make sure that you are getting sound advice before purchasing.
    Answered on November 16, 2014
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