I’m self employed and want to be proactive for my family, so I want to make sure they aren’t shelling anything out when I reboot, but, I also want to make sure they get something out of it, so I’d like to have a substantial plan, curious if anyone has done the comparison, and what was the best one?
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The ‘best deal’ is too subjective to really answer.
Find an independent agent and work with them to get coverage in place. If you want to check price get a second opinion after the coverage is in place or post details here and the experienced sales reps here can tell you if your deal is solid.
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The best plan is the one you have when you pass away.
There’s no single best plan without more details, but here’s why my clients usually pick between these two main options:
Term life insurance: This gives temporary coverage for a set period, like until your kids are grown or a loan is paid off—basically, for a time when you need to protect income.
- Pros: It’s affordable, has many options, and can sometimes be upgraded to whole life insurance.
- Cons: If you don’t use it, you lose it. It has no cash value.
Whole life insurance: This is permanent coverage, lasting your entire life. Some plans let you pay into it for a limited time.
- Pros: It lasts forever, premiums don’t change, it builds cash value, guarantees growth of cash value and death benefits, and may offer tax benefits.
- Cons: It can be expensive and grows slowly in the early years.
Talk to your financial or insurance advisor to figure out which option works best for you. Many companies offer plans that let you start with term life insurance and later upgrade or convert it to whole life. The top companies for this are MassMutual, New York Life, Guardian, and Northwestern Mutual.
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Definitely find a local agent that partners with multiple companies. Then they should help you determine your needs, and then work with your budget.
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Anabella2 is right, and it’s really hard to answer your question directly.
If you want the most life insurance for the lowest price, go with term insurance. Get it from a carrier that offers a good conversion option (or automatic extension) and/or living benefits for chronic and critical illnesses that can help you while you’re alive.
Finding a good conversion option is getting harder since carriers know that many people who convert or extend are in poor health and considered high risk. Some good term insurance carriers for conversions right now are Penn Mutual, Pacific Life, Principal Life, Columbus Life, Protective (Custom Choice UL term only), Thrivent, United of Omaha, Ameritas, Guardian Life, and North American. Some carriers may charge a little more for better or longer conversion options.
For chronic and critical illness living benefits, you can check out Corebridge, North American, Ameritas, National Life, Columbus Life, Foresters, Transamerica, and Fidelity Life.
If you’re looking for permanent life insurance, or part of it to be permanent, you need to decide if cash value matters to you (an investment-based policy) and if you want a guaranteed or fixed product where your cost won’t increase over time. It’s tough to find the “perfect” permanent policy, but some top carriers include Pacific Life, Penn Mutual, MassMutual, The Guardian, Columbus Life, North American, Nationwide, John Hancock, Allianz, and F&G Life.
Work with a good broker or independent agent who can offer you these options. Be aware that some salespeople may just tell you what you want to hear and claim to offer “all” carriers, so stay sharp.
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Go with an experience independent broker and break down your current situation. There is no one-size-fits-all all for life insurance. I always say it’s kinda like buying a house, a lot of variables comes to play so the better you can communicate with us, the better our recommendations will be.
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Does the financial strength of the company matter to you?