What’s the best life insurance for me and my family?

Plain and simple, you need to seat with a professional that will learn about your needs, goals and objectives first, then go through an educational process for you to learn what will be the plan that can be tailored to your individual situation and more important develop a relationship with someone that will review and update your plans as life happens, there is more to life insurance that only provide you with a product - call me, I'll be happy to help. Kind Regards, Jorge E. Gonzalez CMFC,CRPC(R) CA license 0834223

The first thing sit with a professional who's been in the life insurance business at least 10yrs. If they have been in the business that long they have achieved some level of success. They will help you calculate how much life insurance you really need. Once that is establish then they will tailor a policy or policies that will meet that need. My suggestion is spend time shopping for a true professional and not a policy. If it's to good to be true then it is.

Hi Tony. If you are in California, unfortunately I am not able to help because I live in Florida and I am not licensed in California. However, I would recommend that you meet face to face with a life insurance agent who will take the time to show you your options and explain the difference between whole life and term life. Life insurance should not be bought over the internet for this reason. It would be like seeing your doctor over the internet for an annual check up. It just does not make sense. You may ask me questions and I will be glad to respond. Thanks.

Obviously any life insurance is better than not having it. So kudos for taking the first step in protecting your family. The answer to your question in my opinion actually depends on what you can afford.

All life insurance is good but I think some type of permanent policy is better if you can afford it and here is why. (Example) With Term if you spend say $1000 per year for 30 years; you will have protection for 30 years and in the end if you do NOT die you will be out the $30,000 that you paid in premium. At that point the policy is gone with no coverage or value. On the other hand if you could afford and bought that same amount of insurance in some type of Whole life/universal life permanent plan, it might cost around $5000 per year. Over 30 years you have spent approximately $150,000 in premium. However here is the good part. You could cash it in and it would be worth well over $200,000. So now you have had the same protection and after 30 years you are $50,000 ahead vs being out $30,000. Total difference between buying the Term policy vs the permanent whole life/Universal life is $80,000 better for buying the Whole life/ Universal. If you elected to not cash it in you still have a very good life insurance policy that will pay out when you die. If you have the money it is very simple to me buy a permanent plan and if all you can afford is Term insurance that is the way to go.

I agree that the best advice will come from a professional who sells life insurance policies. Such professionals are bound by our code of ethics to ensure that your needs are fully explored and options that meet your personal goals and budget are suggested.  This depends so greatly on your needs and goals.  There are many types of life insurance policies; the first question is if you just want a straight benefit paid upon death (term) or if you actually want to accrue cash (whole).  Happy to help, I am a licensed agent too. 

Buy a 30-year term policy, and make sure that the premium is guaranteed for the full term. Make sure it's renewable, and make sure it is convertible (usually to age 60.) Don't forget to cover your wife, also. Even if she may not beworking, if she were to pass you would most likely require help to accomplish those things she does for the family. Most importantly, work with a financial planner to implement a savings and investment plan, and to review the plan from time-to-time. Lastly, if your employer has a salary savings plan like a 401k, SEP or SIMPLE plan, be sure to invest the maximum so that your employer's match is at the maximum, this is a way of receiving more pay (deferred into retirement savings) without actually getting a raise.

Hi Tony!

There is a lot that goes into quoting a life insurance policy and one of the biggest component is what your goals are. For example:

- Do you just want coverage until your child(ren) are through college

- Do you just want coverage until your mortgage is paid

- Do you want to leave a legacy behind after your death

- Do you need to cover tax liability after your death

- Etc.

Answer to these questions can determine, what type of policy is be st for you. Term policy is the least expensive, but after the term it is pretty much done. Permanent policy is more expensive, but can offer coverage all the way until death, cash value, help with retirement and even cover Long-Term Care needs.

Although a Variable Universal Life (VUL) Insurance policy, like some others such as Indexed UL, can provide cash value, is the extra premium worth the small amount of cash value build up.

One other thing I would ask you to consider, is getting a permanent Indexed UL or VUL policy on your newborn. Besides being inexpensive, a policy purchased this young provides certain benefits:

- We never know what the future holds, so getting life insurance when one is young and healthy, avoids issues later with high premiums or unsuitability \.

- Lot of years to gather cash value amounts that are large. With the one I did for a client, his daughter will have close to $2 Million by age 65. What a great present for you child when you are no longer around

- The cash value is the new death benefit, which again at older ages is very large.

As you can see, it is just showing some great illustration and saying, " take this, it builds cash value and the principle is guaranteed". All those things are great, but you need to know why this agent thinks this is your best option.

If you like, please call me and I will be glad to talk in detail with you. I am not asking to sell you anything nor for you to buy from me. On these networking channels, I always offer my services to other members as a resource. Ultimately, you will make the decision who is the best to buy your insurance from.

Congratulations on your new baby and I commend you for taking the very important step in providing security for your family!

If you have no coverage right now and it is not in your budget to buy permanent insurance, I would buy term life insurance on you and your wife. Get the coverage for you and your wife. If you have money to spend on permanent insurance I would buy an Indexed Universal Life Insurance policy. This is another way to put money away, and you are earning interest on a cash deferred basis. You will have the death benefit and you will be earning interest on your premium dollars. It is a great way to save and plan for the future in addition to your retirement plan. Remember, life insurance is the only financial product around where you get the tax deferred build up. Best thing ever!

Hello,

My simple suggestion is as follows:

Buy a term life policy - so that you can get a good/large amount of coverage for those critical times that your child is growing up. Then take the difference of what those other policies cost and invest that in a IRA or ROTH account.

The best life insurance for your family would depend of several factors. Your income and expenses, your retirement vehicles, your coverage at work and several others. I would first do an analysis of these factors and then propose what type of insurance would be most beneficial for you at this time. Although the product offered by the other agent is a good product if offered by a reputable company that has a good performance  history and industry ratings. It might not be the product for you.  I would first do a financial needs analysis to determine the most efficient coverage and protection for you and your family.