what is the best kind of life insurance?

Answer 1

The one that meets your preset goals at a reasonable cost.

No one here has ANY idea what your goals are, so none of us can answer the question with more detail.

Answer 2

Most people a combination of a little whole life and a lot term is best. I would say for the most part term is pure insurance and a cheap temporary way to go , but it greatly depends on your needs and situation. If you have a large estate you will need some kind of whole life or second to die this is done with a financial planner. If you are in a second marriage or divorce situation you will need some type of trust arrangements. If you are young 30 or younger and in good health and can afford the premums universal or whole life than it is the best deal because it stays with you and becomes an asset. If you are in a pension trap you may just need a 5 - 7 year term.
My advice is this truly evaluate your needs and dont deal with a person that just pushes one or two products.

Answer 3

The best kind of life insurance is the kind that protects the financial future of your loved ones while meeting your needs and fitting your budget.

Accidental deaths happen every 6 minutes on average in this country - National Safety Council - So don't wait until it's too late.

The cost of term life insurance has declined by about 50% since 1996 - www.NPR.org.

Many Americans choose term life insurance because it offers the maximum amount of protection for the lowest cost.

Of all types of term insurance available, 97% of Americans purchased Level Term life insurance in 2005.

Level term life insurance offers rates and coverage that remain level for a specific number of years, usually 10, 15, 20 or 30 years.

If you are young, have a family, or are on a budget, term life insurance may provide an affordable option for you.

Make sure to consider the financial strength rating of the life insurance company before you buy.

Also, consider paying your premium on an annual basis, if you can, this may lower your premium.

Also, if you decide you need $180,000 coverage for example, try comparing rates at $200,000 and $250,000. You may find it's not that much more expensive. Also, try to get coverage before your next birthday to lock-in a lower rate.

I hope that helps! Best of luck to you.

Answer 4

Of all the term life insurance policies sold, only -5% actually pay the claim because the person is alive when the policy expires.

Do you know when you are going to die? NO? Buy permanent. Of course it's more. It's the difference between living in an apartment (term) and owning your own home (permanent/whole). If you miss a payment on a term policy, it's cancelled. You have to reapply, and at a higher rate. What if you have new health problems? What if you are much older? Too late.

With whole life, the cash value can accumulate and be used for: retirement, college funding, emergencies, long term care needs, etc. It can even be invested in the stock market! Whole life is the way to go if you can. If it's more than you can afford, buy convertible term and convert it later.

Answer 5

I would say whole life is the best. It has the most advatages to it. You could take out the money tax free, and the cash that you pay as premiums could grow over time. Alot of people here said term insurance is the best. While term insurance is a very useful insurance tool, it doesnt have any advantages to it. Once the time runs out on the term, you are not covered. You would need to reapply and go through the whole process all over again.

Answer 6

20, 25 or 30 level term.

For 97% of us it's the only type that makes sense.

Whole Life and Annuities are the best products for the sales rep. A Whole Life Policy can net 90% of the first years premium to the agent. Annuities pay better (over the long term, to the seller... not the buyer).

BTW: It's against the law (in many states) to imply that a Whole Life Policy is an investment.

Answer 7

Term life is definitely the best. You don't need to combine investments or savings with insurance. You can always do better if you keep them separate.

Examine your financial responsibilities. Kids, spouse, debts, etc. Then estimate how long you will need insurance to provide for those needs in the event of your death. That is the length of term you need to insure.

Answer 8

Great Question, one that needs to be answered!!! The type of life insurance that you need dpends greatly on your life situation.
It depends on what type of lifestyle you want your family to have.
I found a blog when researching this question that has an article explaining different forms of life insurance, I think it might help you understand the possibilities.

Its at http://www.finance-your-life.com/?p=17

I linked you right to the article to help you get there faster.

Happy Saturday!

Dave

Answer 9

term insurance that will refund all your premium paid at the end of term is the best life insurance protection !

Answer 10

The type that pays when you're no longer around. There are obviously different opinions about this. If you want an answer that deals more with your situation, talk to a fee-only financial planner.