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Bernice Said:

Where do i get a good life insurance policy with less premium ?

We Answered:

Term insurance. You can get lots of coverage for lowest amount of premium. If you were really smart, you would also invest the difference using Dollar Cost Averaging (you invest the same amont every month, no matter what the price of the share is). As your investments grow larger than your coverage amount, you should think about lowering your coverage or getting rid of your life insurance completely because you are self-insured at that point.

Cash value insurance are expensive because you are paying for two things: One is for the insurance, and the other is the cash value. Now, if you look at all the other types of insurance, none of them has cash value in it. So, why should your life insurance have it? Did you know that if you wanted to use the cash value, you will have to borrow it and pay back with interest? If you were to die, your beneficiary will not get the cash value. In 1994, the US Senate has sued many life insurance companies for misleading or lying the public about what cash value really is.

Now many agents will try to sell you a cash value policy. Why? Premiums are big and so their commissions are big. With term, premiums are low, so agents don't want to sell it.