Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best life insurance policy to get is the one that will pay a death benefit when you die. If that isn’t your concern, then it would be a policy that pays a death benefit should you die during a specified period of time. The best policy in the first case is a permanent policy with a guaranteed death benefit. In the second situation select a term policy that will cover the period of time that concerns you.
The best life insurance policy for you is the policy that accomplishes all of your financial goals for the best premium rate for your age and health. You first have to determine the face amount of life insurance needed, then determine the time period needed. After that, you need an experienced agent to help you determine your rating class based on numerous factors like age, build, health ,lifestyle, income, etc. THEN you can determine the best life insurance policy to purchase.
There are basically two types of life insurance: Term and Permanent. Term life insurance provides protection for a set number of years. Permanent life insurance has the ability to provide protection for the insured person's lifetime.
It follows then, that to know which is the best life insurance to buy, you must decide whether you only need your life insurance for a set period of time, or if you need it for life. E.g. Let's say you want to be sure that your children get a college education if you died while they are young, Term life insurance works well for that. Just get a Term policy that ends when they are about age 25. On the other hand, if you want a policy that will pass on an inheritance to your grandchildren, you had better get a Permanent policy, so that you can be sure it will still be in effect when you die.
There is also a variation of Permanent insurance that can provide income during your retirement years, or that has cash value you can borrow from. Rather than ensure that you will pass money to your beneficiaries, this type of policy is purchased for cash to use while you are still alive.
Life insurance is not cookie cutter, one size fits all, Different products have different benefits and different costs. The one that is best for you can be determined by conversing with a good life insurance professional who asks questions and guides you based on your needs, desires, and income.
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It follows then, that to know which is the best life insurance to buy, you must decide whether you only need your life insurance for a set period of time, or if you need it for life. E.g. Let's say you want to be sure that your children get a college education if you died while they are young, Term life insurance works well for that. Just get a Term policy that ends when they are about age 25. On the other hand, if you want a policy that will pass on an inheritance to your grandchildren, you had better get a Permanent policy, so that you can be sure it will still be in effect when you die.
There is also a variation of Permanent insurance that can provide income during your retirement years, or that has cash value you can borrow from. Rather than ensure that you will pass money to your beneficiaries, this type of policy is purchased for cash to use while you are still alive.
Life insurance is not cookie cutter, one size fits all, Different products have different benefits and different costs. The one that is best for you can be determined by conversing with a good life insurance professional who asks questions and guides you based on your needs, desires, and income.