What Kind of Life Insurance Is Right for Me?

Learn how to select life insurance based on the various types of life insurance available to you. Find out what factors should play a role in your decision on what type of life insurance to buy.

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What Kind of Life Insurance Is Right for Me?

With a variety of life insurance options available today, it is hard to know which type of policy is right for your needs. Choosing life insurance that fits your budget is important – and finding cheap life insurance is an option for many – but you also need to consider your goals and your risk factors. Take a look at a few key aspects that may define when it is best for you to buy various types of coverage.

How to Select Life Insurance When You Are Younger

One of the biggest decisions you need to make is when to buy life insurance. Hands down, the most affordable time in your life to buy life insurance is when you are younger. The sooner you buy a policy, the lower the cost will be overall. Most of the time, you will find that these policies cost a fraction of what they will as you get even a few years older. Most importantly, when you buy life insurance at a young age, you are also about to lock in those low rates for years to come.


When you are under the age of 35, you can often purchase either whole or term life insurance with affordable rates. If you plan to maintain life insurance for the rest of your life, whole life is the best option now that you are younger.

The Types of Life Insurance Policy Options for Middle Age

As you get older, you will find rates will get higher because of the increased risk of dying young. Yet, most people can still find affordable life insurance available to them. At this age, you may be able to qualify for a whole life insurance policy, but costs are going to be higher. For this reason, you may elect to invest in term life insurance that remains in place for the next 10 to 20 years or so. Policies at this age can still be readily available and can be cost effective if you are healthy. If you want to cover your family while you have significant debt or because you still have dependents at home, this is where to start.

When Are Whole Life Insurance Rates the Best?

Whole life insurance can be one of the best investments long term. You will find rates are lower when you are under the age of 35, but remain competitive even as you get older. Whole life offers key benefits though including potentially earning cash value. You can borrow from this or even be paid by it during your retirement years in many situations. For this reason, consider whole life insurance if you want to leave behind a policy for your family no matter when you die. It can also be beneficial as a secondary source for retirement income.

When Are Term Life Insurance Rates Affordable?

Term life insurance rates are often the most affordable for all age groups. Choose this type of life insurance if you want to provide specific protection inexpensively. You can choose a policy that remains in place, for example, for just the life of your mortgage. You may also be able to secure a policy when you are older to help cover long term medical care or even to help your family with their financial needs if you die, such as paying for college.  Term life insurance rates become significantly higher by the time you reach 50, but you can secure policies for years after this.

How Should You Compare Life Insurance Quotes?

To select the best policy for you, then, you need to compare policies based on how long you plan to maintain your policy, what you want the money to cover, and whether you want a cash value available to you. Once you take into consideration these factors, then consider how much you wish to purchase and the type of policy right for your budget. Many men and women will find that life insurance remains available to them for many years longer than they think they can qualify for it, even when you are into your 60s.