Of the different types of Life Insurance, Which is the best & why?

Question

Of the different types of Life Insurance, Which is the best & why?

Answer 1

I'm no expert but it all depends on your objectives.  Term insurance is for a set period (you decide) at a set amount.  Term insurance is almost always if not always cheaper than whole life.  At the end of the term, all you have is nothing.  Some people like to choose term life to bridge the gap incase something happens.  I have two 30 year term life policies.  By the time they expire, I will be retired and have my kids out of college and married.  By then, I hope to have enough money in the bank to not need insurance.  

Whole life policies are much more expensive but have added advantages.  They actually build cash value that you can decide to cash in at any time.  Speak with your agents.  I disagree with the first posters comment.  If you feel comfortable with you P & C agent then he should be very well qualified to service your insurance needs.

Answer 2

What's the best type of saw?

There isn't one.  First define the need - the job you want it to do.  Different tools - including life insurance - are best for different jobs.

Define the job, then re-ask the question.

Answer 3

Read anything with a huge grain of salt if there is any chance for a conflict of interest. If you aren't willing to educate yourself in detail on this topic, find a registered financial planner who works by the hour and takes no commissions from anybody and discuss your situation. The moment someone or some institution smells a commission, you should expect your interests will be secondary to making money off you. Nothing against the insurance industry, that's just human nature, and I'd say the same thing about any product under the sun.

Answer 4

This is like asking what is the best vehicle to buy, it depends if you are a farmer then a tractor, if you are a mother of 7 then a van, if you are a Donald Trump then a limo, if you are a hippie then a Prius.

I suggest you read about life insurance here http://www.iii.org/individuals/life/

Then try using yellowpages.com to search for health insurance brokers in your area.

Don't call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in health insurance.

A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

Answer 5

Since you asked a series of questions about Life Insurance and since no one (on line or in a question and answer forum) could answer your questions as they pertain to YOUR SPECIFIC situation, I suggest that you go meet with a financial planner (fee only).

First think about how you want your life to go - marriage, kids (number and timing), houses (how often you want to move), careers (how often you plan on changing jobs and getting pay increases and promotions).

When you meet with the planner, talk about these goals with specifics  -- how much money you make and how much you plan to make, when you plan to move to your first or your next house, etc.  The planner should take this information and develop a plan for your life.  

Expect to pay a fee and expect to review this plan often.

Expect that there are a lot of things that you don't want to discuss - like death and disability and divorce and health issues.  These are all part of life and affect your finances.

Good Luck.

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