Agent, Rural Mutual Insurance Co., Union Grove, WI
The best life insurance to get is going to depend on many factors. The most prominent one being why are you taking out the policy. Otherwise, I would say a whole life policy is the one that will provide a lot of bang for the buck in most cases. To ensure that you get the policy that is right for you contact your local agent and discuss your needs and expectations so that they can direct you to the policy that best fits.
The best life insurance to get is the one that fits your particular need the best. Obviously, you want to get a competitive and affordable price, but sometimes it is worth paying extra to get a policy that will last as long as you need it to last or to generate cash value if you want to use it for that purpose. Sometimes the type of life insurance you can get is limited by your health or age. In order to get the best coverage for your situation, it is a good idea to talk with an agent.
It depends on the financial planning goal. Life insurance addresses three major planning goals: Indemnification, Income and Inheritance.
Indemnification is insuring the lives of family members or business associates for the economic benefit of their beneficiaries. To indemnify the economic liability of short term financial exposure, you may want to consider term life insurance with a conversion policy provision to permanent life insurance. If the financial liability is perpetual, a permanent life insurance policy is recommended. Guaranteed universal life is the most economical of permanent policies.
Income from life insurance policies can generate tax advantaged distributions for supplemental retirement planning. There are four life insurance policies to consider based on your risk tolerance. Participating whole life and current assumption universal life use interest rate crediting methods. Indexed universal life can use domestic and foreign indices. Variable universal life use separate subaccounts allocated to equities and bonds.
Inheritance planning with life insurance can address estate transfer taxation, charitable giving and creating an estate for children and grandchildren. Married couples should consider guaranteed survivorship where two lives are used in one policy which can result real savings instead of two separate policies.
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Indemnification is insuring the lives of family members or business associates for the economic benefit of their beneficiaries. To indemnify the economic liability of short term financial exposure, you may want to consider term life insurance with a conversion policy provision to permanent life insurance. If the financial liability is perpetual, a permanent life insurance policy is recommended. Guaranteed universal life is the most economical of permanent policies.
Income from life insurance policies can generate tax advantaged distributions for supplemental retirement planning. There are four life insurance policies to consider based on your risk tolerance. Participating whole life and current assumption universal life use interest rate crediting methods. Indexed universal life can use domestic and foreign indices. Variable universal life use separate subaccounts allocated to equities and bonds.
Inheritance planning with life insurance can address estate transfer taxation, charitable giving and creating an estate for children and grandchildren. Married couples should consider guaranteed survivorship where two lives are used in one policy which can result real savings instead of two separate policies.