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Because I am nerdy, one of the questions I love people asking me is, "What kind of life insurance should I buy?"  The reason I love that question is because everyone has an opinion, and I love hearing those opinions.  Talking to an insurance agent can be confusing because each one may advise differently based on financial incentives and personal bias.  Here are some things to remember if you are shopping for Life Insurance:

The purpose of life insurance is to protect loved ones from financial burdens when you are no longer with them.  This allows them to grieve and attend to more important things in the short term and be secure financially in the long term.  Fringe features can add value to your policy, but please don't let the features of a life insurance policy distract you from that one goal.

Term Life Insurance is a great product, but there are circumstances and reasons to purchase other types of life insurance.  It’s too bad that many agents overvalue and overemphasize the investment side of permanent life and disregarded the above paragraph.  Don't let your agent forget.  When considering Whole, Universal, Adjustable, and all the other variations of permanent life insurance, include your cash flow capacity and if you want protection for the rest of your life (as opposed to a term) in your decision.

Let's have some discussion on the blog about this. There is no one right answer for everyone; I wish it were that simple. We’ll be monitoring the questions, and let’s kick around some ideas. Tell us what you think.

Rich, Ray and Dan are the guys behind Credit Rating University, and they are passionate about helping people with all aspects of their financial lives!  Right now they are offering their Credit Rating Success Kit for only $9.95 when you enter Krazy3223 at checkout!   As always, if you would like a specific question answered by our experts, leave a comment and they will try to address it!