Many of you will roll your eyes at first, but stay with me and I bet you will agree with me!
Yes, there are books, articles and videos with opinions on this. A person will hear that term is the best,or that whole life or universal life is best. They can’t all be right, can they?
The one we hear the most is “Buy Term and Invest the Difference” Is that really for everyone? What happens when your life experience does not let you invest or you lose most of what you invested? If you buy a 20 year term policy, what does your family get if you pass away in year 21?
Some people start the process to have a life insurance plan and never complete it. This could be due to cost, medical exam, or concerned about their health(don’t think they will be approved).
Here are 2 potential solutions; if a person is looking at a $250,000 policy, but the premium was over budget, so they didn’t get anything. How about if that person got a $100,000 policy that was within the budget. Which helped their family more, the $250,000 plan they were thinking about but didn’t get, or $100,000 policy they have in place?
Or the person that is too short for their weight(like me!) and/or has some other health issues, and they feel that they would not be able to get a good plan at a reasonable premium. So they don’t even apply for anything. If that person would look at plan that was designed and priced for us normal people with some health concerns, they might know what they qualify for in couple days with no medical exam at an affordable premium.
Okay, so what is the best life insurance policy?
The one that you have in place when your family needs it.
It is that Simple!