Life Insurance & Annuities  (Closed) Which Life Insurance Policy Is Best? (Closed)

I was recently reading an article about 4 life insurance policies not to buy, I found many of his points to be very thought provoking.

In this article the 4 policies that were suggested to avoid buying are:

1. Guaranteed issue
2. Life insurance for children
3. Travel/accident insurance
4. Whole life/universal life

One of the authors main suggestions was that when buying life insurance the best one to have would be term life. Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or their beneficiaries.

I have always known that I need to have some sort of life insurance so that should I die unexpectedly there would be something to help cover any debts that I may still have and my funeral expenses. These are things that I do not want to leave behind as responsibilities for my family to deal with, this should not be the lasting memory that any of us leave behind when we pass.

With that in mind I did a little research on my own and found that I think my best bet would be to buy a level term life insurance policy with an option to convert the policy to a Universal Life or Whole Life policy. I would personally choose this type of policy including that option just in case I were to be diagnosed with any condition that could make it difficult to qualify for a new term policy.

A question for all of the life insurance agents out there, do agree or disagree with these thoughts? What would you suggest is the best option without it costing an arm and leg in premium payments?

To read the full article mentioned above 4 Life Insurance Policies You Should Never Buy.