What Is The Best Type Of Life Insurance To Purchase? 
What is the best type of life insurance to purchase ? The answer depends on what you want the insurance for and for how long the coverage is needed . Life insurance basically creates cash at death which can be used to create or conserve wealth . There are additional features available depending on the type of plan and how you are planning to use it in your overall financial planning . Here are the main types of life insurance and some factors to consider : Term life insurance As the name implies , coverage is for a specified term : 5 , 10 , 20 , 30 years , etcetera . At the end of the term the term the policy renews at a higher premium . Factors to consider include : how long you need the coverage for , the rate at renewal and if you will need to convert to permanent insurance . Whole life insurance With whole your coverage is for your whole life . The factors to consider include whether the policy is participating and is eligible for dividends or non-participating . In addition the policy guarantees such as premium and cash value . The company financials and dividend history are important considerations especially when considering a participating whole life policy . Universal life insurance Coverage for your whole life if properly managed . This type of coverage offers more flexibility in premium level , insurance cost and investment options . These are all factors to consider . Working with an independent insurance broker , who understands your needs , will help you decide on the right policy at the right price . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 