What is the best kind of life insurance to buy?
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3 Responses
2.1.2010
Best Answer – Chosen by Voters Discuss your situation with a competent financial planner in your area. Do not trust anyone who tells you how much insurance you need without asking you any questions. Avoid insurance salespeople, especially ones who use a multiple of your salary approach.A good financial planner will complete a survivorship analysis for you. He/she will ask you alot of questions regarding your current financial situation and after making certain assumptions regarding rates of return and inflation, will be able to calculate your family's overall need for assets at your passing and how much of that need would be offset by assets you would have on hand. Don't forget to tell your advisor about any savings or investments you have as well as all life insurance in force, including employer provided. If there is more than enough assets already available, you do not need any additional life insurance, if not, consider purchasing more.There is a widespread belief that term insurance is the only worthwhile way to insure oneself. This may not be the case. Term insurance is typically very inexpensive when compared to permanent forms of insurance (whole life, universal life, variable universal life, etc.) but it is important to remember that those term premiums will rise somewhere down the road. Approximately 90% of term policies never pay a death benefit, mainly due to the fact that they became too expensive to keep in force. Term insurance falls into two basic types, Yearly Renewable and Level. Yearly Renewable Term (YRT) premiums start very low. As each policy aniversary passes, your premium goes up. Each year you get older the resulting increase is a little bit larger than the previous year. It makes sense if you look at it from the insurance company's perspective; each year older you get is one year less you have left to live. Level Term will have a certain period where the premiums will remain level, usually 10, 20 or even 30 years. The longer the guarantee period the higher the premiums will be, but they will remain at the initial premium amount for the guarantee period. I prefer Level Term for my clients who need term coverage because it is a much more predictable amount to budget.Permanent insurances, while requiring higher premiums, also build a cash value, on a tax advantaged basis. If the policy is designed properly, it can make a good savings vehicle for LONG TERM investing goals. As with any important decision, the most important aspect is to get the advice of a competent, trusted professional.
2.1.2010
Spedteacher,Here is some info on the different types of life insurance: http://www.insuremylife.org/typeslife.ht…Here is what usually happens:Young couple buys a house and takes out a term life policy to cover the mortgage and other debts. 5 years later they refinance the house or move into a bigger house, but forget to review their life insurance program. I personally have 2 life insurance plans. I have a $700,000 term life plan that I pay $242 for the year. I also have a $300,000 VUL which I put a couple hundred a month into.
2.1.2010
Use term for the temporary need. (mortgage and debt and income replacement)Whole life or universal life for permanent need (final expenses and money you want to leave to heirs). Most life insurance companies have calculators on their websites to help determine the amount.