Which Is The Best Life Insurance To Get? 
It depends on the financial planning goal . Life insurance addresses three major planning goals : Indemnification , Income and Inheritance . Indemnification is insuring the lives of family members or business associates for the economic benefit of their beneficiaries . To indemnify the economic liability of short term financial exposure , you may want to consider term life insurance with a conversion policy provision to permanent life insurance . If the financial liability is perpetual , a permanent life insurance policy is recommended . Guaranteed universal life is the most economical of permanent policies . Income from life insurance policies can generate tax advantaged distributions for supplemental retirement planning . There are four life insurance policies to consider based on your risk tolerance . Participating whole life and current assumption universal life use interest rate crediting methods . Indexed universal life can use domestic and foreign indices . Variable universal life use separate subaccounts allocated to equities and bonds . Inheritance planning with life insurance can address estate transfer taxation , charitable giving and creating an estate for children and grandchildren . Married couples should consider guaranteed survivorship where two lives are used in one policy which can result real savings instead of two separate policies . 