What life insurance is the best depends on what purpose you want the life insurance for. The best way to answer your questions is to give an overview of the different types and then you can decide which one is best for you.
Term insurance is the easiest to understand. You pay a specified premium for coverage for a specified term. Typical terms are 10, 20 or 30 years. At the end of the term the policy renews at a higher premium for a new term until the policy expires. This type of coverage is temporary because the policy will expire at a specified time for example age 85. Term policies are usually convertible to permanent insurance before before age 65 for example.
Term insurance is best to provide the most coverage for a given premium today.
Whole life insurance is as the name suggest permanent insurance with coverage for the whole of your life, It pays when you die not if you die before the policy expires. Whole life has a level premium and with some policies the premium can be paid up early for example 20 years or age 65. The by-product of the level premium is a build up of cash value. If the policy is participating the build of cash can be even greater.
Level premium, build up of cash, increasing death benefit and hands off management make whole life a premium product. It is regarded by many as the best.
Universal life is a permanent insurance policy that can be in force the whole of your life if it is managed properly. The good news is the premium is flexible and you have a choice how the cash reserve is invested, The bad news is that the premium is flexible and you have choice how the cash reserve is invested is flexible,
Universal life can be the best if properly managed.
An independent insurance broker, who represents several companies could help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
That is an excellent question! The short answer is the cheapest one that accomplishes the need for what you want it to do, in the time frame that you want it to do it. There are many different variables that would define "best" for you, and without knowing your need, health, and price range, giving you a specific company and policy would be impossible, or unfair, at best. Please contact me, and I'll be happy to go through your specifics, and give you a more qualified answer. Thank you for asking!
President, Lane Independent Agency, Southern California
What do you want it for and what to protect? Is it for a temporary need, like until the mortgage is paid off, or the kids through school? Or for your spouse at your death? Term insurance can be bought for twenty or even thirty years, it is fairly low cost, but when its gone its gone. Permanent life will last to your death, and the premiums will not go up, it accumulates cash value, and can be borrowed against. If you stop paying for your term, it will be gone in 30 days, but with permanent, if you miss a payment, it can be paid from your accumulated value. Permanent can be either whole life or universal life. Universal can be tied to some stock index, and go up a bit more than whole, but may also drop to a certain point. How much risk do you want? Your decision. Of course with indexed universal, there are some protections at the bottom end, which cost you some of the top end performance. Thank you. GARY LANE.
The short answer of the best life insurance for you is the one that covers everything your loved ones need in case of your sudden death at the best price for your unique situation. I highly recommend using an experienced independent life insurance broker that can shop for the best products at the best price to meet your unique situation.
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Term insurance is the easiest to understand. You pay a specified premium for coverage for a specified term. Typical terms are 10, 20 or 30 years. At the end of the term the policy renews at a higher premium for a new term until the policy expires. This type of coverage is temporary because the policy will expire at a specified time for example age 85. Term policies are usually convertible to permanent insurance before before age 65 for example.
Term insurance is best to provide the most coverage for a given premium today.
Whole life insurance is as the name suggest permanent insurance with coverage for the whole of your life, It pays when you die not if you die before the policy expires. Whole life has a level premium and with some policies the premium can be paid up early for example 20 years or age 65. The by-product of the level premium is a build up of cash value. If the policy is participating the build of cash can be even greater.
Level premium, build up of cash, increasing death benefit and hands off management make whole life a premium product. It is regarded by many as the best.
Universal life is a permanent insurance policy that can be in force the whole of your life if it is managed properly. The good news is the premium is flexible and you have a choice how the cash reserve is invested, The bad news is that the premium is flexible and you have choice how the cash reserve is invested is flexible,
Universal life can be the best if properly managed.
An independent insurance broker, who represents several companies could help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.