IT DEPENDS. Sorry, Dave Ramsey. It depends on is what you want the insurance to do. You have a wife, 3 kids, a mortgage and looming college expenses? Term is by far the best option. You want to leave money behind for beneficiaries? Do want to make sure no one is burdened with your remaining expenses at death? You want to make sure there is enough money for inheritance taxes? Then, a permanent policy with cash values is best.
What is the best type of life insurance? To answer that question you must ask yourself “What Do You Want The Insurance To do?” Once that answer is attained, then the research can begin. We look into over 100 top-ranked firms to find the one that has the product that best meets your stated goal. There is no such thing as the best insurance company. But there is the one that is best for you. Just jargon? A sales pitch? Nope. Some companies will treat chubbies better than others. Some will ding you for high blood pressure and others don’t care. Same with Type II diabetes & cholesterol issues. It’s my job to find out who will give YOU the best deal.
Another consideration is policy design. Universal Life policies have flexibility whole policies do not. You can design a universal life policy to last until some specified age, like 90, with the lowest premiums, or you can use it as an investment vehicle and contribute much more to supplement retirement. Depending on your goal, company ABC might be better for accumulating, but company XYZ might give the longest death benefit protection for the least premium. It’s my job to search that out for you.
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