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Best Type of Life Insurance

What is the best type of life insurance for me?

First you need to be familiar with the different types of life insurance. If you’ve read that linked article, you should now see that the primary defining difference between our options is how the premiums are paid over time. Term life insurance has premiums that are less expensive initially but increase over time. Permanent life insurance (e.g. whole life insurance, term to 100, and universal life) has premiums that are initially higher than term life insurance, but because the premiums remain level for life are actually less expensive over the long term.

So, if you are seeking insurance for a limited period of time (and then do not need the life insurance, so expect to cancel it) then you should consider term life insurance. If you are seeking life insurance that you expect to keep forever, then you should be considering one of the permanent insurance variations.

Examples:

If you’re looking for life insurance to protect your income, mortgage and for family protection, then many people assume that they will need the insurance until about retirement age. After that point they expect to cancel the insurance. Typically we would look at term life insurance in this situation.

If you’re looking for final expense and burial insurance, or life insurance you want to keep to leave behind money no matter how old you are when you pass, then one of the permanent life insurance policies will be a better choice.

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