What factors should I be weighing? Which providers do you prefer to work with?
There are a number of ways to look at this question. If you need a lot of coverage and you have a limited budget, then Term Life insurance may be your best bet to start with. As your income increases, Term life insurance usually allows you to convert some or all of it to a permanent type of coverage like "Whole " life or "Universal" life.
If on the other hand you are looking for some permanent coverage or a policy that will build cash value that you can use some day, then you need to consider some type of "Whole" life or "Universal" life policy.
Either way, find an independent agent. Buying from your auto insurer or from a captive agent representing only one company is a recipe for paying too much.
Hi Robin, Figuring out the right type of life Insurance for you is behind the scope of this platform. An advisor would need to know about your situation and needs. The first critical step, however, is not the type but the amount. Making sure that there is enough of a benefit that would allow your dependants to maintain thier current style of life - in your absence. Our office works with about 25 diffrent providors that meet a certain minimum criteria for financial strengh. From there we match the best carrier and solution with the clients situation. Best of luck!!
Robin, in 95% of the cases, term insurance from a highly rated carrier is appropriate for most people. 20 or 30 year term is often a good choice to start with. Ultimately, the decision must revolve around the questions of what are you trying to protect, and for how long, and with what sort of budget. I generally steer people away from using insurance as an investment; keep risk managment (insurance) seperate from risk (investments).
It depends on the reason you are looking for life insurance to begin with. If you are young and have a family to protect, buying a term policy will give you the highest amount of insurance for the lowest premium. On the other hand if you’re looking for a policy that will last you for the rest of your life, you should be looking at a permanent one – universal life or whole life.
Robin, I agree with the prior posts that the amount is crucial based on your situation and that in the vast majority of cases, term life insurance will likely be appropriate. Insurance should be used to prevent a financial collapse in the event of a death within a family. You might want to consult a fee only planner in your area and ask them to assist you in getting multiple quotes for term insurance if that is the path you decide.