What Is The Best Type Of Life Insurance? 
Ultimately , the best type of life insurance is the policy that is in force at the cheapest premium with the highest face amount on the day you die . Since none of us know that date , we must shop the market for the best coverage at the best price for your unique situation . There are lots of types of life insurance products on the market . The most popular are the two permanent or cash vale types of policies called whole life and universal life . These policies are a bit more expensive because they accumulate cash that can be used in the future for a critical illnees , college funds or retirement . The advantage is the money can be used tax free . The other popular type of life insurance policy is a term life policy . Term insurance is more affordable as there is no cash value , so you are in effect renting your protection . The premiums are typically guaranteed level for the term or period of years in which you purchase it . These terms range from annually to 5-10-15-20-25-30-35 years . Term life is a great solution to young families starting out on a budget to covering a debt for a specific amount of time . There are a lot of options in the market . I suggest using an independent experienced life insurance broker to help you navigate this maze of options . 