Which type of life insurance is best for you: Term Life, Whole Life, or Universal Life?
This answer is based on a number of factors. These factors include age, marital status, net worth, income, savings habits and outstanding debt. It is also important to consider the available budget for life insurance premiums, how long you anticipate needing the insurance protection and the specific purpose for the desired coverage.
Term Life Insuranceis, in our opinion, the best type of life insurance to purchase for most situations. Whether the insurance is needed to protect a family or a business, term life insurance affords you the opportunity to buy the amount of insurance you actually need at a very reasonable cost. You can purchase term policies with a guaranteed level premium ranging from 1 year to 30 years depending on the product approval in your state. Click here to see examples of current rates or to receive your free Term Life Quote.
Whole Life Insuranceis a form of permanent life insurance which offers lifetime benefits at a fixed premium as long as this fixed premium is paid. The cost of a whole life insurance policy is drastically higher than the cost of term life insurance. While the whole life policy does offer a cash value savings account with tax-deferred growth, we believe a better option is to buy term life insurance and invest the difference in stocks, bonds, mutual funds, CD's, etc. which you select and control.
Universal Life Insuranceis a form of permanent life insurance that has a tax-deferred savings account like the whole life policy but allows the insured more flexibility and control to design their own insurance plan. You have the option to change the amount of premium you pay and skip premiums as long as there is sufficient cash value to pay the monthly mortality charges and cost of insurance. Even with this added flexibility, our position regarding universal life is the same as whole life: buy term life insurance and invest the difference as you see fit.
Ultimately, the best way to determine which type of life insurance is best for your specific situation is to speak with one of our qualified insurance consultants. Click here to contact us.
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