Finding the Best Life Insurance
Life insurance policies are not "one size fits all." Different families have different financial needs. The best life insurance for you is the policy that gives your family the most protection at the most affordable price. Let's take a look at the different options available.
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Whole life insurance: The best plan for cash value
Whole life insurance policies have no expiration date. As long as you keep paying your premiums, they will pay a death benefit no matter when you die. Also, a whole life insurance policy builds up a "cash value" over time. Eventually, you can borrow against it or take money out of it if you need a little extra income in retirement. Also, if you have a large estate, your heirs can use the death benefit to pay the estate tax.
Sounds like a good deal, right? It is -- if you can afford it. Whole life insurance policies are not cheap!
What's the best life insurance policy for you? We'll help you figure it out.
Term life insurance: best life insurance value
Most people will be better off with term life insurance. According to a 2005 SmartMoney article in the Wall Street Journal, term life insurance is up to 4 times cheaper than whole life insurance. With term life insurance, you may be able to afford more coverage and provide more protection for your family. Term life insurance expires after a set time period, though, and it can be difficult to get a new policy afterwards if get sick during that time. Hopefully, by the time your term is over, your children will have left the nest and you and your spouse will have enough money saved that you don't need a life insurance policy.
A variation on term life insurance, return of premium policies give you your premium back after the term is over. However, these policies are usually about 50% more expensive than term life policies, so many financial planners recommend just getting a term policy and investing the savings.
Still trying to choose? Let our life insurance specialists help you find the best life insurance for your family! Request a quote for the best life insurance here.