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Michael
Michael, Librarian
Category: General
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Experience:  20+ years as information professional
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Where is the best place to buy Whole Life Insurance Policy.

Customer Question

Where is the best place to buy Whole Life Insurance Policy. I am 66 years old and just retired.
Submitted: 5 months ago.
Category: General
Expert:  Fredrick Martin replied 5 months ago.

Hi, two things to consider are the rating of the agency and the rates that they charge. Metlife is among the best. I do not work for Metlife and they are not a client of mine. Here are two links that may be of interest.

http://www.bestliferates.org/companies/

https://www.metlife.com/individual/insurance/life-insurance/whole-life-insurance.html

Expert:  Fredrick Martin replied 5 months ago.

The ratings are important because they are a measure of the financial strength of the company, and therefore their ability to pay claims.

Expert:  Fredrick Martin replied 5 months ago.

Another thought - some financial advisors say it is better to purchase term life insurance and invest the difference with a broker. In other words, the increase in premiums of whole life over term life may be better invested with an investment broker than an insurance company. Here is another link that explains more about whole life.

https://momanddadmoney.com/why-whole-life-insurance-is-a-bad-investment/

Expert:  Fredrick Martin replied 5 months ago.

Thank you for this opportunity to serve you. I kindly askthat you give me a good rating if you are happy with my service. Please feel free to ask follow up questions.

Expert:  Michael replied 5 months ago.

As well as the information offered above, some additional information to provide you:

1. Consumer Reports last year on this subject:

http://www.consumerreports.org/cro/news/2015/04/is-whole-life-insurance-right-for-you/index.htm

2. Best rated firms for 2016:

https://www.consumeraffairs.com/insurance/life.html