What's the best term life insurance to go with?

Question

I think I need around $250K. I'm 47. Healthy. Don't smoke.
Best company? Cheapest? There are so many choices out there its confusing.

Answer 1

Not all companies write in all states. Your best bet is to contact a local, independent agent who can give you quotes with a variety of different companies. As long as they are A rated, they'll offer 20 year term with renewable and convertable riders, you'll be fine shopping off of straight price through a local agent.

Answer 2

Depends what you would like your insurance to do- take care of all your debt?, replace a little, none or all of your income?, pay off your mortgage?, pay for your children's education? and/or pay for all funeral expenses?

These are the main questions. The next big one is, do you know when you will become self-insured. Meaning that, due to your returns on a satisfactory investment program, all debt is paid, including mortgage. Also, your retirement is financed. Once this occurs,you are self-insured. At which point, you can drop all coverage for insurance except funeral and put what you had been paying back into your savings vehicle.

I agree with the companies that have the highest ratings. Just make sure that the company offers Level term insurance- premiums won't go up for the length of the term, that there is a spousal rider- spouse put on same policy with minor increase in fee, children rider- present and future children can placed on the policy for ONE premium and DO NOT choose a death and dismemberment clause, it only puts money into the companies pockets.

Answer 3

There are many life insurance companies to choose from.

Some of the best rates I have seen come from companies like Liberty Life, Banner Life, West Coast and Protective Life.

You may want to compare rates from several insurers to see how much you can save.

Term life is the most affordable life insurance. You may want to consider level term life insurance.

You can compare multiple quotes from the carriers listed above at https://www.efinancial.com/smartquoteefc.aspx?source=389-777 You get instant quotes including the financial strength ratings for each insurer.

Some insurers vary by up to 50% or more for their life insurance rates.

I hope that helps! Best of luck finding the cheapest rates from the best company.

Answer 4

It depends on your needs(how long, and for what purpose), budget,and preference. If your needs is short term perhaps a 5 or 10 year term insurance is good enough to start with. But if youre planning to have it for quite sometime, a 20 to 30 year term is better since premiums are level. But term insurance should go hand in hand with a high earning savings account and you should also have the discipline to see it thru since any withdrawals can affect your program. A good savings account (if with hi interest) can equal the term amount in the long run and this can replace your term insurance in case you dont want to renew it since premiums increases on each renewal.You should have enough saved for you not to pay future hi premium term insurance when you retire. Feel free to write me if you have any questions.Hope this helps.

Answer 5

Go with a high rated company (you want them to be in business 20 - 30 years from now). Learn the rating system,
"A" or "AA" is not that good.

Consider 30 (or 25) years life certain term. Major advatage,
coverage after age 65.

Answer 6

I'd recommend a level term, 20 years or more if possible, as your debts should be decreasing around that time.

And add a waiver of premium and accidental death/dismemberment coverage. Choose a large company that isn't likely to go out of business.

Be prepared to provide either/or both a urine and blood sample for testing.

Answer 7

You only need life insurance to protect loved ones you leave behind - dependent kids and/or spouse for example. How much you need depends on whether or not you're the sole provider of income for your family/dependents, how much you earn and what your debts are. I don't know what state you live in, but I like Protective Life. Make sure you pick an 'A' rated carrier. This refers to their financial strength.

Answer 8

Thank you! informative and gives me better knowledge on the topic

Answer 9

dear frnd
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details i hope dis ill helps u.
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Answer 10

check out http://www.insure.com