what is the best life insurance?

Answer 1

What do you want the insurance to do for you? Ask yourself if you want the debt taken care of and that includes the mortgage. If so, then how much does your spouse/significant other need to maintain a quality of life that they are now accustomed to? Do you want your children's education paid for? Are you healthy enough to qualify? This is the big question. If you are not able to qualify for one company, then chances are that you won't qualify for any other.

Then it comes to how much you can afford. Based on all the above, you are looking at an amount between five to ten times your annual wages. This can and should be tweaked up or down according to your comfort level. You should check with a local agent who specializes in level term insurance for terms from 10 to 35 years. A spouse and child rider is added to the main policy to keep costs down. A cost of living adjustment of 10% per year is added to first ten years, you do not have to pay for this but at end of tenth year you will have doubled the face value. The company that does this is Primerica and is the only company to offer 35 year level term insurance.

They will ask you the questions that you and only you can answer.

Answer 2

The best life insurance is the one that's right for your situation. It's impossible to make a recommendation without knowing about your needs. Your best bet is to sit down with an agent and do a needs analysis.

Having said that, there are two basic kinds of life insurance: term and whole life. Term insurance lasts for a specific number of years (usually 5, 10, 15, 20 or 30), and coverage ends when the term ends. Term does not accumulate cash value, and you gain no ownership in the policy. It's like "renting" an insurance policy.

Whole life (or universal life) lasts for the rest of your life or until the policy matures at some future date. Whole life builds cash value over time, which you can withdraw or take a loan against. Whole life policies generally cost more, but you are gaining equity (ownership) in the policy.

In either case, your premiums are determined by your age and gender, whether or not you smoke or engage in risky activities (scuba or sky diving, for example), and your health status.

Answer 3

Term life.

You should never get whole life because it's too expensive and a waste of money that could be invested aggressively through a good mutual fund and IRA. An insurance salesman will tell you whole life is a "good investment" but that is false. He makes a higher commission off selling whole life policies and you are paying extra high premiums to cover that and the small amount that is invested each month. You will not get a very good rate of return on a whole policy like you would through a good solid IRA.

Insurance is NOT an investment. It's just insurance. You should only buy what you is required to cover your needs should you die. Burial expenses, food and shelter for your family, debt payoff....whatever you want.

Zander Insurance has great rates... http://www.zander.com

Answer 4

The best life insurance is the policy that provides your heirs with the right amount of money they need after you are not in the picture.

That means you have enough insurance to pay off debts, provide for your loved ones and pay medical bills and your funeral. Term works well if you die during the term. Permanent insurance also works for the long term.

Remember that you can have both permanent and term insurance. I do.

Go talk to a licensed agent in your area.

Answer 5

If you start out very young, select whole-life. As you get older and premiums rise, a lot of coverage can be had for a little money with a term-life policy.

You may also be the type that likes the stock market and can select a variable product which is a term policy with "investment options" usually tied to mutual funds.

Answer 6

ANY LIFE INSURANCE IS GOOD! However...make sure it fits your needs now and in the future. Talk to a professional in your neighborhood ...but before that talk to a friend who has life...they can lead you in the right direction.

Answer 7

It really depends what you want to get out of it. I work in the insurance industry and in order to say what is the best one for you, we would have to take in consideration age, health of course, how much can you afford, do you want to supplement your retirement with it, etc. So it really just depends!

Answer 8

The company which gives best premium values