HOW DO I GO ABOUT FINDING THE BEST POSSIBLE
LIFE INSURANCE FOR ME AND MY FAMILY?

First question would be whether you should get a
Whole life, Term life, or
Universal life insurance quote.

Competition between insurance companies is intense. 
You can compare prices from dozens of insurance
companies easily and in an hour or two on the internet.

How do I know which type of life insurance is best for me?

There are so many!  It entirely depends on each
individuals needs and those of their family.

Whole life, Term life, and Universal life are similar because they all protect the family in some way after the purchaser dies.

Here's a brief break down of these different types of life insurance to better help you choose which policy is right for you.......

WHOLE LIFE INSURANCE:

Whole life insurance is just that.......Insurance you keep your whole life.  (As long as you pay your monthly premiums that is).  Whole life puts a portion of you premium payment into an 'interest bearing' account.  (You can borrow money from this account).  The best reason to get a Whole life insurance policy is that your premiums will never increase.  Better yet, the younger you are when you purchase the policy, the lower your premiums.

TERM LIFE INSURANCE:

Term life insurance is defined as a 'selected period of time'.  Meaning, Term life insurance is insurance that you buy for a set number of years.  Premiums with Term life are cheaper because part of this premium payment is NOT going into an interest bearing account.  It is no different than car insurance really.  Your policy expires- - - - - your premium expires.  There is no cash value in the end.

UNIVERSAL LIFE INSURANCE:

Universal life doesn't differ much from Whole life.  Both accumulate a cash value.  Universal life gives you an option with you benefits and premium payments.  You can put your policy on hold if needed.  Meaning, NO PREMIUM PAYMENTS AS LONG AS YOU HAVE ACCUMULATED ENOUGH CASH VALUE TO COVER THE COMPANIES RECURRING FEES.    

Now, let’s see which is best for you.

Let’s say that you are less than 40 years old.  Whole life insurance would be your best option.  You will be around a long time.  Your premiums will never increase and you build nice cash value. Your premiums will be lower because you are purchasing while you are still young. The younger you are when you buy whole life, the lower your rates will be.

Between the ages of 40 and 50 years old, or older, you may
be better off with Term life insurance.  'You' set the length
of your policy and, no part of your premium goes into an
interest bearing account.  Therefore, your premiums are lower.
Term life is ideal for the time of life when you have a
mortgage, a lot of debt or children.

Keep in mind.  If you are 50 years old or older, and you
purchase a 20 year Term life insurance policy, and you live
beyond that 20 year policy, that policy will have expired. 
Now, you are 72 years old.  It is going to be much harder
to get life insurance.  When you can find life insurance,
your monthly premium payments are going to be a bit higher.

Universal life may be the way to go if, you are buying life
insurance when you are young, say under 35. This is because
universal life is the most costly of the three. But there are
added benefits that do make it a good choice. It also has an
interest baring savings account. It also gives you flexibility
with your payment options. You can even pause the policy if
your funds are needed else where.