A recent article on nasdaq.com tackled this question:
I whole heartily agree that this is an important question and not an easy one to answer as each individual, family and situation is different.
To sum up the article:
- There are many available choices for life insurance coverage for your family so many that it is often confusing.
- Most Americans have misconceptions about the cost and benefits of life insurance.
- Most young adults don’t have any life insurance to help protect their loved ones.
- Insurance can be easier then ever to get and answering a simple question can make deciding on what tie of insurance policy to get a no-brainer.
That simple question is: How long do you plan on keeping the policy?
- If only for a short term, then go with term insurance.
- If for a longer term, then permanent insurance is the way to go.
Your best bet is to contact a professional and let them guide you through the process and help select the best insurance for your needs.
I agree with the points of this article and would ad that the best time to buy insurance is always now.