What Type of Life Insurance is Best?

Life insurance can be made simple: Even though there are several plan categories and names; there are only 2 distinct types: permanent and temporary life insurance, There is no 1 company or insurance plan that is suitable for all situations..  The main thing you need first is an experienced and objective broker that represents several of the top insurance companies without any quotas or product bias.

TEMPORARY NEEDS:Guaranteed level term insurance.: The rates are guaranteed to stay level with no rate increases for 10,15,20, or 30 years. This is pure insurance with no cash values attached; but as a result it is less expensive for short term needs like covering the liabilty of a mortgage obligation than any other insurane type.

Level term with a premium refund at the term end: This is called return of premium and refunds all paid premiums if you are alive at the end of the term. In general, the 30 year plan is a great solution for mortgage life insurance since it is reasonably priced and refunds all premiums if you quit the policy in 30 years.  
You normally have the option of keeping the insurance after the term is up; but you are guaranteed a refund of all premiums paid if you decide to take the refund and cancel the insurance.

No lapse universal life, guaranteed to age 120: This is often the least expensive way to insure a person's life over their entire lifettime; even if you live to age 120!   It features low premiums that never change even if you live to age 120. This does not have increasing cash values; but is a lower commission to the agent, and a lower premium to you as a result.

Cash value permanent plans: These are typically sold as a supplement to retirement through policy loans that are tax free. This is often sold where it should not be and requires an objective broker that can advise you of BOTH the pros and cons of this insurance.

Whole Life Plans: These feature guaranteed level premiums but can be as much as 3 times the yearly premium commitment of a universal life that features less cash build up at a much lower cost. Contact me directly for a no obligation rate search of the top 100 insurance companies for your specific need. Refer to specific policy wording for details on any policy offered to you.

Randy Taylor
Randy Taylor Financial
Serving over 4,000 clients for over 27 years!
1(916) 601-5270