The best type of life insurance policy to have is one that will be in effect, and pay the death benefit, if and/or when it is needed.
How to achieve that at the lowest cost has been debated by great financial experts for many years. Some argue that it is best to take out a series of short term policies (which have the lowest premiums), while saving money on the side, so that eventually you do not need to take out any more life insurance because you are self insured. Others contend that you come out ahead in the long run taking out permanent insurance with cash value (which has a higher premium), due to features of the policy and because you are more likely to keep up a life insurance policy than save enough money on the side.
Most financial professionals fall in the middle somewhere. They evaluate your needs and recommend term insurance for some, permanent for others. That is what I would suggest if you would call me. Thanks for asking and let me know if I can help.
The best type of life insurance is the one you keep active.
As mentioned above, sometimes people will choose to purchase multiple short term policies to cover them through much of their lives and save money on the side so when they are done with the active policies they are closer to being self-insured. Bottom line is, no policy is good if you can't realistically afford to keep it. It very well may be the case that in the toughest financial times, life insurance will be most impactful.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Life insurance is a matter of mathematics. There are years of historical data that allow companies to predict with a high degree of accuracy the probability that you will die during a specific period of time. Policies are designed to meet your requirements. If you need protection for a limited period of time a combination of term policies might meet your needs best. If you have lifetime requirements then permanent insurance is the way to go.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is the best policy to have? The first answer is always the one that is in force the day your family needs it. The overall answer to what the best policy to have is simply the policy that fits your stated wants and needs the best way.
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How to achieve that at the lowest cost has been debated by great financial experts for many years. Some argue that it is best to take out a series of short term policies (which have the lowest premiums), while saving money on the side, so that eventually you do not need to take out any more life insurance because you are self insured. Others contend that you come out ahead in the long run taking out permanent insurance with cash value (which has a higher premium), due to features of the policy and because you are more likely to keep up a life insurance policy than save enough money on the side.
Most financial professionals fall in the middle somewhere. They evaluate your needs and recommend term insurance for some, permanent for others. That is what I would suggest if you would call me. Thanks for asking and let me know if I can help.
As mentioned above, sometimes people will choose to purchase multiple short term policies to cover them through much of their lives and save money on the side so when they are done with the active policies they are closer to being self-insured. Bottom line is, no policy is good if you can't realistically afford to keep it. It very well may be the case that in the toughest financial times, life insurance will be most impactful.