insurance

paul Asked:

Hi Jonathan, My name is Paul. I am Los Angeles ...

Hi Jonathan,

My name is Paul. I am Los Angeles resident. I have two small children but not married. I never had life insurance before. I am very healthy and do not smoke or do any other stuff. What kind of life insurance would work best for me? Thank you.

Sincerely,

Paul

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3 Answers

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hadley Answered:

Jonathan, the two basic types of life insurance are permanent and term. Permanent life insurance provides lifetime coverage and builds cahs value inside the policy, buy costs more.

Term life insurance is temporary life insurance for 1-30 years. It does not build cash value inside the policy, it is pure life insurance protection. That's why term costs much less, and you may be able to buy more life insurance coverage for your money.

You may want to consider 20 or 30 year term insurance coverage to protect your children until they are grown and out of college.

Posted 2 years ago

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Jerry Weinberg Answered:

If you know with certaincy how many years you will need the insurance ( depending it's purpose) then buy term life,it's the cheepest.If you will possibility need the insurance beond the 10,20, or 30 year guarantted rate on term,you should strongly consider universal life.It should be set up so that it won't run out of money untill several years past the time you won't need it any more.When the guarantte rate runs out on term,the rates increase so high that in a few years,youcan't afford it and if your health is not the best at that time,you'll eather pay hugh rates for new term or maybe your not insurable.

Posted 2 years ago

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Denise Answered:

The kind of life insurance you take should totally depend on your lifestyle, your family’s financial needs in the event of your death, and the premium you can currently afford to pay. A policy that satisfactorily meets all these requirements is the right policy for you.

I completely agree with Hadley suggestion, you can go for a 20 or 30 year term insurance plan because the purpose of insurance is to secure your family when the unforeseen happens to you. By the time you are 70, it is unlikely that you will need to provide for dependants.