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There is no set answer to this question.

Providing the largest  possible amount of protection for a specific period of time for the least amount of money TERM is the answer.

There are different types of term insurance. Level term provides a consistent amount of insurance at a fixed rate for a fixed amount of time. Decreasing term (an example of this is mortgage insurance) has a decreasing face amount until it reaches zero at the end of the policy.

Many term policies are renewable, which means that they can be renewed without proof of good health. Some term policies can be converted to another type of policy such as whole life.

WHOLE LIFE

When retirement, savings, or future insurability is factored in WHOLE LIFE might be the answer.

Whole life is designed to last your whole life, not for a specific term. Whole life costs more than term insurance but you get a return on your investment over your life protection. Whole life combines a death benefit with cash value accumulations. This type of insurance can play an important role in the financial planning for a family. During a financial emergency, money can be borrowed at a very reasonable rate from the policy and repaid later. Variations of whole life policies can be outstanding products that combine life insurance and competitive secured retirement plans. So you see, the question is not as straightforward as many might try to make it seem.

That is why we work with an extensive network of carriers to fit any situation. Companies that offer guaranteed issue are for people with health problems. Other carriers provide programs that are expressly designed for the person in perfect health. Age, occupation and the purpose for the insurance determine the right carrier.

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