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What is the best life insurance to have?


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Answered 2009-04-16 06:28:53

The best type of life insurance to have is the one that meets your needs and fits your budget. First decide why you need life insurance, and what you want to accomplish with your life insurance? Who relies on you for financial support? How much life insurance do you need, and for how many years? Term life insurance provides temporary life insurance protection for a specific number of years, usually 1-30 years. If you outlive the term, your coverage expires. There is no cash value build up within the policy, it is pure protection. Permanent life insurance is lifetime protection, as long as you pay the premiums. Cash value may build up inside the policy. You may be able to take a loan from the cash value. Term life insurance usually costs less than permanent life insurance. The most popular type of life policy is term life insurance. If you're young, healthy, and running on a shoe-string budget then buying a term life insurance policy may make perfect sense for you. It is the most affordable type of life insurance and suits the most important purpose of a life insurance policy, which is to provide financial protection for your family in case of the death of the policy holder. Some term life insurance companies look more favorably on smokers, those with health impairments or the aged. Term life insurance is also very competitive and you can find the best policy with the most affordable rate though online insurance quote providers.

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