The best life insurance policies are the ones that work best for peoples' needs. All life insurance policies pay upon death, but there are many differences beyond that.
Some are designed to accumulate cash value that you can use for expenses later in life, or that will pay your premiums later. These are permanent policies that, if properly managed, will pay out when you die, or at age 100, whichever comes first.
Some are designed to simply pay if you die within a certain number of years. They have no cash value and if you pass away after the term ends, you are not covered.
Some are in between. They aren't designed to earn lots of cash value, but they are set up so that they will not end before death, even if you would live to be over 100 years old.
If you want a policy to pay for your funeral expenses, the best policy for you is probably one of the permanent policies. If you want a policy that to cover your mortgage that should be paid off in 15 years, you may find 15 year term life insurance to be your best choice.
If you have a combination of needs, you can even get a combination of policies. A good life insurance agent can sort through the options to find the life insurance that is best for you.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best life insurance policy is the one that is in force and will pay the death benefit on the day that you die. You will never get a better deal than that. If you know what day that will be we might be able to save a few dollars by selecting a policy that would expire the following day but not many of us have that prerogative.
That is a great question! The answer though, really depends upon what you want the policy to do for you. If you need it to cover a debt, like a mortgage, or college loans, or to increase your coverage while your kids are small, then maybe a term policy is the way to go. If you want to be certain that you are covered no matter how long you live, or think that one day you might need to access some quick, no questions asked cash, then maybe a whole life policy would be better. I'd really need to talk to you and get more information before I could tell you for certain. I do appreciate you asking though!
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Some are designed to accumulate cash value that you can use for expenses later in life, or that will pay your premiums later. These are permanent policies that, if properly managed, will pay out when you die, or at age 100, whichever comes first.
Some are designed to simply pay if you die within a certain number of years. They have no cash value and if you pass away after the term ends, you are not covered.
Some are in between. They aren't designed to earn lots of cash value, but they are set up so that they will not end before death, even if you would live to be over 100 years old.
If you want a policy to pay for your funeral expenses, the best policy for you is probably one of the permanent policies. If you want a policy that to cover your mortgage that should be paid off in 15 years, you may find 15 year term life insurance to be your best choice.
If you have a combination of needs, you can even get a combination of policies. A good life insurance agent can sort through the options to find the life insurance that is best for you.