What's the Best Life Insurance Plan?
The question has plagued generations of consumers; in the past it may truly have been a difficult question to answer. However, times have changed, and finding the best life insurance plan is usually just a few clicks away. How do you get started on finding the best life insurance plan? We'll help you out by outlining four basic tips for finding life insurance.
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Four tips for finding the best life insurance
- Determine your life insurance needs. Each family has its own life insurance needs. You will need to assess those needs as you plan for choosing the best life insurance policy for you. The best way to determine your needs is to do the basic math -- just add up all of your monthly expenses and multiply that by 60, your total debt, any potential expenses your family may have in the future, and an estimate on the funeral costs you've laid out in your will. After you've added all of these together you'll come up with a basic number. You've multiplied your monthly expenses by 60 -- that means the number you arrive at should help cover any costs five years after your death, ensuring that your family is well cared for, even long after you pass.
- Find your best scenario budget. What good is $1,000,000 of coverage if you can't afford it? This is the most vital consideration to make, especially if you have a whole life insurance policy. If -- for any reason -- you can't make your payments on your premium, then your whole life insurance is canceled and everything you've invested in the plan is lost. Be absolutely sure you can afford the premiums.
- Check life insurance ratings. Ratings agencies abound. You probably never knew that! In fact, there are at least a half-dozen independent financial strength ratings agencies for insurers, including A.M. Best, Moody's, Fitch, S&P, and more. Analyze a potential life insurance company just like you would a stock investment -- if your selected company is financially sound, then chances are that it's the best company to go with!
- Ask the tough questions. Don't let the agent off easily. After you submit your quote request through Best-Life-Insurance.com, you'll hear from top life insurance companies. This is your opportunity to ask the tough questions. Some example questions could include: What happens if I miss my premium payment? Will the premium change over time or is it flat over the length of the policy? What causes of death are ruled out for this policy, and which ones require a rider?
After you've followed the tips, you can take a look at the two major types of life insurance and choose which of the two is best suited to your needs. Remember: Whole life insurance is more expensive. Term life insurance is less comprehensive. The basics are summarized below.
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Whole Life Insurance
If you feel confident that you want life insurance coverage for the entire term of your life, and you don't want your monthly premium to change you'll probably elect to have a whole life insurance policy. The type of whole life insurance policy you choose depends on what you want to do with the cash value of your plan.
Despite the fact that your monthly premium will be much higher than a term life insurance policy, this type of insurance will give you the flexibility of withdrawing, investing, or borrowing the cash value that you build up. As time goes on, your policy's value will increase. You also benefit from a number of legal tax shelters with a whole life insurance policy.
Term Life Insurance
The general consumer policy, often referred to as the "best life insurance" for the average person, is the term life insurance policy, because it offers the lowest rates, and short-term coverage.
Terms generally ranges from 1-20 years, depending on how much you're willing to spend on your monthly premium. Longer terms offer you the stability of a flat premium and guaranteed eligibility.
Find the best life insurance for you. Request a quote today!