What Is The Best Life Insurance To Have? 
Hmmm . Well , if everybody had the exact same need for life insurance , the exact same budget budget , and the exact same risk profile , that would be an easy question to answer . But alas ! We are all different . So its a good thing there are different life insurance products - and strategies - available . Here are some of the more popular : Lets suppose you need a specified amount of life insurance for a specified amount of time . Perhaps you want to cover a mortgage , or a business debt . Maybe youre required to have a policy to meet the terms of a divorce decree . And suppose you also want to spend as little money as possible on the coverage . But you want the premium guaranteed . The solution here ? Term insurance . Scenario number two : You know pretty well how much insurance you need , but the timeframe for coverage is a little uncertain . You want to protect your family against your loss , but who knows when the youngest child will be out of the house ? Maybe you will even have more children :-RRB- Or , perhaps , you are in business with some colleagues and need to fund a partnership agreement . Not sure yet how long you will be involved . Here , universal life insurance could be good for you . Its flexible premium product and can accommodate a wide variety of funding strategies . On the one hand , you could nail down a premium guarantee for his as long as you want . On the other hand , you could take on a little bit of risk and keep the premium lower with some reasonable interest assumptions in your cash account . Now think about this : what if you need life insurance for the rest of your life , and and so want a lifetime guarantee on the premium and on the death benefit -LRB- Who wants the price to go up when you turn 87 ? -RRB- . Not only that : you dont want to pay an arm and a leg for the coverage . Here you could go with guaranteed universal life . It wont give you any guaranteed cash in the long run , but it will give you the lowest guaranteed premium you can find . You could use this kind of policy to pay estate taxes . Make charitable gifts . Fund a special needs children 's trust . Protect an elder family member who has become dependent on you . Another scenario for you : let 's suppose you wanted the best guarantees around , in not just the premium ... not just the death benefit ... but also the cash value . Let 's also suppose you just wanted to let it ride and think about long-term cash accumulation - as well as survivor benefit growth . This might be a policy on your kids . Perhaps a retirement supplement . Maybe a vehicle for creating a legacy for the next generation . For reasons such as these , whole life is a good choice . Clearly , one size does not fit all in the world of life insurance . But it doesnt have to :-RRB- 