What's the best Life insurance out there?

Q: I’m looking for something that cost less yet the company sure to stay in market for at least 30 years.

I have hypertension; I’m looking for a company that doesn’t have high premium when you have that problem.

A: Your best bet is to go in to speak to a local insurance rep, and conduct a needs analysis. You may even want to go through this evaluation process with a couple of different insurers, as it will help to provide you with a picture of what your total insurance need really is.

Following that, take a look at the options available for you. Some people will recommend going with term, others will recommend going with whole life, I personally like to see a combination of the two as it will usually ensure the best coverage at the best price.

Term insurance falls off completely, leaving you unprotected after a set period of time. This means to you that if you buy a 30 year policy and die 31 years from that time, your family gets nothing. This is the cheapest way to go, but it is also the most risky.

Whole life insurance costs more, but promises to pay your family no matter when you die as long as you pay the premiums.

As an example, I found that my personal need today was about $450,000. I knew that after my house was paid off and my kids were through college, this need would be much less and only include paying down any remaining debt and burial costs. So, I chose to pick up $350,000 in 30-year term insurance and $100,000 in a defined payment duration whole life policy, that allows me to stop paying after I reach 65 years of age, but the policy stays in force until I reach 121 years of age.

Speak to a local rep and take it from there.