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What type of life insurance should you buy? The type of policy that is the cheapest, and provides the best benefit for the longest period of time. That was easy.
Well...It really isn't that easy since term coverage may be best for certain individuals or families while a more permanent policy may be the best option for others. And sometimes, a blend of the two concepts makes the most sense.
An experienced life insurance broker is a great resource for you. They will provide unbiased advice and explain your most affordable and cost-effective options. It's also important to understand that your needs will change over time.
So reviewing your financial portfolio is also very important, so that any current policies are not outdated.
The type of life insurance you purchase is based on a number of factors. Firstly you and your agent should discuss your financial and personal goals and what it will take to reach them. Then he/she should advise on how much coverage and what type of insurance would meet your needs. So to answer your question, I don't know. It depends on what your goals are and how far you are away from them.
With a few tactical answers to a data collector, recommendations can be made. First what is your planning goal? Is it an indemnification, income and inheritance scenario? How long do you need to cover your financial scenario? What is your medical condition, including smoking status?
Term life insurance provides temporary coverage for a temporary financial liability to indemnify your beneficiaries from economic loss at your demise. If that financial liability is ongoing beyond 30 years, you’ll need a permanent life insurance policy like guaranteed universal life or whole life insurance.
If your financial goal is income, you should review participating whole life or current assumption universal life. Current assumption universal life has three crediting methods: interest rate, domestic/foreign indices or equity/bond subaccount.
If your financial goal is to make a difference in your children, grandchildren, favorite charity or pay estate taxes, then survivorship policies for married couples and single policies for singles using guaranteed universal life or whole life insurance.
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Well...It really isn't that easy since term coverage may be best for certain individuals or families while a more permanent policy may be the best option for others. And sometimes, a blend of the two concepts makes the most sense.
An experienced life insurance broker is a great resource for you. They will provide unbiased advice and explain your most affordable and cost-effective options. It's also important to understand that your needs will change over time.
So reviewing your financial portfolio is also very important, so that any current policies are not outdated.
Term life insurance provides temporary coverage for a temporary financial liability to indemnify your beneficiaries from economic loss at your demise. If that financial liability is ongoing beyond 30 years, you’ll need a permanent life insurance policy like guaranteed universal life or whole life insurance.
If your financial goal is income, you should review participating whole life or current assumption universal life. Current assumption universal life has three crediting methods: interest rate, domestic/foreign indices or equity/bond subaccount.
If your financial goal is to make a difference in your children, grandchildren, favorite charity or pay estate taxes, then survivorship policies for married couples and single policies for singles using guaranteed universal life or whole life insurance.