Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Which life insurance is best? Sometimes, you have to look at the ratings of the carrier, because people are very concerned about the financial strength of a carrier, so I want to look at the financial strength.
The second is: How do they price out on product spreadsheets or grids? Is the premium competitive with other players?
The third thing I want to know about is: What are their claims-paying ability? Are they paying their claims on time?
There are certain services that actually look at that issue. You can check out financial strength, you can look at claims-paying ability, and most importantly, is that premium going to be really the most competitive premium that you can get? That's why we like to shop in the brokerage community to see which one is the best. Lastly, it's an underwriting issue as well. Which one is the best? Who gives me the most benevolent underwriting and the cheapest offer, based on my medical condition?
The type of life insurance that is best for you depends on what you need it for, your budget, and how much you need. If you need a lot of coverage and have very little to spend, getting Term insurance will most likely be your best option. If you have a lifelong need and can afford to pay the premiums for Whole or Universal Life, those will be your better option.
Visiting with an experienced agent who you can trust can save you hundreds of dollars while still getting you the right coverage to meet your needs.
That is an excellent question, and one I get a lot! Here's the best way I can answer you. It depends upon what you want it to do, your budget, and your age. If you are looking to provide for your funeral expenses, and leave some money behind, knowing for sure that the policy will do that for you, then a whole life policy is best, especially if you are young, and can purchase relatively large amounts cheaply. If you are looking for temporary coverage, to cover a debt, or because at this time your budget is really tight, then maybe a term policy is right for you. A combination of both may be right for you. It really depends upon your specifics. If you'd like to discuss them, drop me an email, and I'd happily give you some better information, okay? Thanks for asking!
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The second is: How do they price out on product spreadsheets or grids? Is the premium competitive with other players?
The third thing I want to know about is: What are their claims-paying ability? Are they paying their claims on time?
There are certain services that actually look at that issue. You can check out financial strength, you can look at claims-paying ability, and most importantly, is that premium going to be really the most competitive premium that you can get? That's why we like to shop in the brokerage community to see which one is the best. Lastly, it's an underwriting issue as well. Which one is the best? Who gives me the most benevolent underwriting and the cheapest offer, based on my medical condition?
Visiting with an experienced agent who you can trust can save you hundreds of dollars while still getting you the right coverage to meet your needs.