What Kind of Life Insurance Should I Buy?

Shawn Plummer

CEO, The Annuity Expert

Understanding Your Needs

  • Assess Financial Situation: Your life insurance coverage ideally should be 10 times your annual income.
  • Budget Considerations: Determine how much you can afford to spend on life insurance premiums.

Types of Life Insurance

  1. Term Life Insurance:
    • Cost: Generally the least expensive option.
    • Coverage: Offers death benefit only, with no additional features.
    • Duration: Coverage for a specific term (e.g., 10, 20, 30 years).
  2. Permanent Life Insurance:
    • Cost: More expensive than term life insurance.
    • Benefits: Includes a death benefit and additional features like cash value accumulation.
    • Duration: Coverage lasts your entire life, as long as premiums are paid.

Making the Right Choice

  • Consult a Licensed Agent: Speaking with an expert like The Annuity Expert, who has access to multiple insurance companies, can help in comparing rates and finding the best option for your needs.

Compare life insurance plans quickly and choose the best option for your family.

Comparing Term and Permanent Life Insurance

FeatureTerm Life InsurancePermanent Life Insurance
DurationFixed TermLifetime
Death BenefitIncludedIncluded
Cash ValueNot AvailableAvailable
Policy FlexibilityLimitedHigher


Choosing between term and permanent life insurance depends on your personal financial situation, budget, and long-term goals. Consulting with a licensed agent can provide tailored advice and ensure you receive the best rates and coverage. Understanding the key differences between these types of insurance is crucial in making an informed decision.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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