What Life Insurance Is Best? 
What life insurance is the best depends on what purpose you want the life insurance for . The best way to answer your questions is to give an overview of the different types and then you can decide which one is best for you . Term insurance is the easiest to understand . You pay a specified premium for coverage for a specified term . Typical terms are 10 , 20 or 30 years . At the end of the term the policy renews at a higher premium for a new term until the policy expires . This type of coverage is temporary because the policy will expire at a specified time for example age 85 . Term policies are usually convertible to permanent insurance before before age 65 for example . Term insurance is best to provide the most coverage for a given premium today . Whole life insurance is as the name suggest permanent insurance with coverage for the whole of your life , It pays when you die not if you die before the policy expires . Whole life has a level premium and with some policies the premium can be paid up early for example 20 years or age 65 . The by-product of the level premium is a build up of cash value . If the policy is participating the build of cash can be even greater . Level premium , build up of cash , increasing death benefit and hands off management make whole life a premium product . It is regarded by many as the best . Universal life is a permanent insurance policy that can be in force the whole of your life if it is managed properly . The good news is the premium is flexible and you have a choice how the cash reserve is invested , The bad news is that the premium is flexible and you have choice how the cash reserve is invested is flexible , Universal life can be the best if properly managed . An independent insurance broker , who represents several companies could help you find 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 . 