Do I Have the Best Life Insurance for My Family?
Do I have the best life insurance? This is a question I am asked often. And, it is a great question. In my opinion, it is a matter of what best fits your family's needs.
If you are a young couple with children, then maybe term life insurance would fit your needs. This could be the best option for you because you would be able to purchase a larger amount of coverage to protect your family for less money than if you were to buy a whole life policy or a universal life policy. My reasoning for this is that with term insurance you are purchasing life insurance for a specific time period. So you could purchase for example, $500,000 of coverage and the price could be locked in for 10, 15, 20 or 30 years. After the term period is up the price to renew would most likely increase. Choosing term life insurance while the children are young, you are protecting their future if something were to happen to you.
Maybe you’re a young single person without a family yet. This may be to time to purchase a whole life policy or a universal life policy as these are the types of polices that are meant to be in place for the rest of your life. The pricing is generally better at a young age as most carriers base their pricing on age, so the younger you are, generally, the lower the premium.
In a case where a couple whose family is all grown (maybe empty nesters now) may be interested in having a permanent policy like the whole life or the universal life, as their financial needs and income may have changed. They no longer have young children to provide for, so often times, this may be the best type of life insurance for them.
About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or PFortier@Pivot.com.