Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Product suitability is a priority when purchasing savings, investments and insurance products.Life insurance is no exception. Your need to first determine your financial liabilities and future obligations, then determine if they are temporary or permanent. That determination will help you decide between term life insurance and permanent life insurance.
You can peruse prices, use life insurance calculators, and discuss the type and amount of life insurance to get with your spouse and others. But I have found that after all this preparation, many people call in and find that their health restricts them from all but a few choices.
So while it is helpful and important to get general information about life insurance, you can only know what life insurance is best for you by talking to an informed life insurance agent.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
To answer the question, "What life insurance should I buy", certain criteria must be known first. For example, what is your primary objective for owning life insurance? Do you want to have a tax sheltered and safe vehicle for wealth growth?
If the only purpose is to protect your loved ones from debt liabilities for a certain period of time should you die, probably a term insurance will be appropriate. However if you want insurance that will last your entire life and provide income or a legacy for your loved ones then Whole Life is what you need.
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So while it is helpful and important to get general information about life insurance, you can only know what life insurance is best for you by talking to an informed life insurance agent.
If the only purpose is to protect your loved ones from debt liabilities for a certain period of time should you die, probably a term insurance will be appropriate. However if you want insurance that will last your entire life and provide income or a legacy for your loved ones then Whole Life is what you need.