Agent/Agency Owner, Encore Insurance Group of Omaha, Omaha, NE
There are many opinions on the best type of life insurance and without trying to sound smart the best is the one in force when needed.
I work with many people each year on life insurance and everyone has a different scenerio and you need to find someone you trust to consult with. There honestly in my opinion is not a one size fits all.
There are many great products out there that can fit your needs and your budget. Ask questions, research and again find someone you trust.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
The best type of life insurance is the one that fits your needs. If your current indebtedness,future obligations and charitable giving is a temporary economic exposure, you should consider term life insurance for 5, 10, 15, 20 or 30 years. If those liabilities are permanent, the permanent life insurance like guaranteed universal life.
Ultimately, the best type of life insurance is the policy that is in force at the cheapest premium with the highest face amount on the day you die. Since none of us know that date, we must shop the market for the best coverage at the best price for your unique situation. There are lots of types of life insurance products on the market.
The most popular are the two permanent or cash vale types of policies called whole life and universal life. These policies are a bit more expensive because they accumulate cash that can be used in the future for a critical illnees, college funds or retirement. The advantage is the money can be used tax free.
The other popular type of life insurance policy is a term life policy. Term insurance is more affordable as there is no cash value, so you are in effect renting your protection. The premiums are typically guaranteed level for the term or period of years in which you purchase it. These terms range from annually to 5-10-15-20-25-30-35 years. Term life is a great solution to young families starting out on a budget to covering a debt for a specific amount of time.
There are a lot of options in the market. I suggest using an independent experienced life insurance broker to help you navigate this maze of options.
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I work with many people each year on life insurance and everyone has a different scenerio and you need to find someone you trust to consult with. There honestly in my opinion is not a one size fits all.
There are many great products out there that can fit your needs and your budget. Ask questions, research and again find someone you trust.
The most popular are the two permanent or cash vale types of policies called whole life and universal life. These policies are a bit more expensive because they accumulate cash that can be used in the future for a critical illnees, college funds or retirement. The advantage is the money can be used tax free.
The other popular type of life insurance policy is a term life policy. Term insurance is more affordable as there is no cash value, so you are in effect renting your protection. The premiums are typically guaranteed level for the term or period of years in which you purchase it. These terms range from annually to 5-10-15-20-25-30-35 years. Term life is a great solution to young families starting out on a budget to covering a debt for a specific amount of time.
There are a lot of options in the market. I suggest using an independent experienced life insurance broker to help you navigate this maze of options.