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  • S T Azari

What Is The Best Life Insurance Policy?

Depending on why you are buying life insurance, what we know is that life insurance is an investment. Correct, life insurance is not an investment. Instead one buys life insurance to protect their family, loved ones, children spouses, income, mortgage, business, debts, and legacy.

There are many different kids of life insurance, but generally they fall into one of three types. A term, a whole life and a indexed universal life.

The least expensive life insurance is a term policy. Reason is because unlike a whole life or a IUL, indexed universal life policy, term life insurance doesn't have any cash value. So the premium you pay is specifically to cover the cost of insurance without an additional amount contributed to cash. Hence it is the least expensive or the cheapest form of life insurance. The kinds of term will vary, such as duration, like 5, 10, 20, and 30 year term options.

There are also benefit amounts that can increase or decrease over time, such a decreasing term , one that over time will have a lower benefit amount, and usually lower premiums. This is the most common term to cover ones mortgage, since our mortgage is to decline over time from paying it down.


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