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Best Life Insurance

Best Life Insurance

If you're shopping for the best life insurance coverage then you may be wondering which type of life insurance is right for you and your family? It depends on what your needs are because the best life insurance coverage is unique to each situation. If you are trying to figure out the best life insurance coverage for your needs, then you first need to understand what your needs are. Some questions to consider are: how much coverage do you need? Is These are all questions to ask yourself when determining the best life insurance for your family's needs.

The Best Life Insurance - What Are My Options?

Although life insurance coverage can come in many forms with different riders and terms, there are three main types of coverage- term life insurance, whole life insurance, and universal life insurance. The best life insurance among these three will vary depending on what you need the policy for, so it is important to understand the differences.

Is Term Life the Best Life Insurance?

Term may be the best life insurance for you if your need is temporary. A term policy lasts for a certain amount of time or term, hence the name. The term can be as little as 1 year or as long as 40 years, depending on your age and the company you choose. Term life insurance does not build up any cash value, but it is the cheapest type of coverage available. That is why it is often considered the best life insurance because you can get the most bang for your buck.

Keep in mind that when your term ends, you will have to make a decision about what to do with your coverage. You may renew your policy at the higher rate, though usually only up to a certain age. You can also let the policy expire and get another term policy (if your age allows it) or you can get a whole life insurance policy.

Is Whole Life The Best Life Insurance?

Whole life insurance may be the best life insurance for you, if you want a permanent form of protection. Whole life insurance is permanent coverage that lasts for your entire life. The premium remains fixed for the life of the policy. It also has a built in savings account so your policy builds cash value over time. This cash value can be borrowed, but it will accrue interest until it is paid back. Whole life insurance is more expensive than term, but it may be the best life insurance for you if you want a policy with a face value that will never decrease and premiums that will never increase. Many people consider whole life the best life insurance because it provides peace of mind.

Universal Life Insurance - The Best Life Insurance?

This type of coverage may be the best life insurance for you if you need permanent insurance with a cash value component, but you also want some flexibility.The cash value of a universal life policy is based on the amount of premiums you pay, the declared interest crediting rate and the policy charges. Unlike TeWhole Life insurance flexible premium universal life policies permit flexibility in the amount and timing of premium payments (within limits), and they generally offer you the ability to vary the death benefit amount based on your circumstances. However, some policies include a No Lapse Guarantee that guarantees your policy will not lapse for a specific period of time as long as required premium levels are met. Such policies offer less premium and death benefit flexibility.

Universal Life Insurance costs less than Whole Life, and offers more flexibility in the timing and amount of premium payments. In general, there are fewer guarantees with regard to cash value or death benefit.

  • Premium payments are flexible. After initial payment, you make additional premium payments at virtually any time and in any amount (subject to certain minimums and maximums). Note: Policies with No Lapse Guarantees have greater restrictions on the amount and timing of premium payments.
  • Your policy continues as long as there is enough cash value to cover monthly insurance charges or if the No Lapse Guarantee is in effect.
  • Cash value earns interest at a rate set periodically by the insurance company and is generally guaranteed not to drop below a certain level. Policies with No Lapse Guarantees tend to have less cash value.

Advantages of Universal Life Insurance

  • Potentially lower initial premium compared to Whole Life Insurance
  • Potential availability of a No Lapse Guarantee
  • You can generally determine the amount and timing of premium payments, within certain limits
  • You can generally increase or decrease the Face Amount. Note: Increases may require evidence of insurability and decreases may result in the imposition of pro rata surrender charges.

Disadvantages of Universal Life Insurance

  • Fewer guarantees than Whole Life Insurance
  • Skipping payments can lead to policy funding problems
  • Adding guaranteed features, like a No Lapse Guarantee, can increase the cost of Universal Life
  • Growth in cash value in the policy is limited
  • No investment flexibility
  • A decrease in the death benefit amount may result in the imposition of pro rata surrender charges
The Best Life Insurance - Compare Rates Today

The first step when shopping for the best life insurance coverage is to shop around. Rates can vary by as much as 70%, depending on the type of coverage and carrier, so it pays to compare. Get a quote today and compare multiple rates from the nation's highest rated carriers. and obtain the best life insurance policy for your needs.