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Best life insurance for me and relative?

I'm in my 20s, female, working, and have student loans. My relative is in their 60s, working, has a mortgage, and doesn't have any major health issues. I would like the names of the best insurances. And I'd like to know which terms are the best choice. Please only respond if you have adequate knowledge about life insurance.

Public Comments

1. Term life insurance is best. Most companies will attempt to sell you whole life or annuities but insurance in general does not make for a good investment. Met Life and Hartford are decent companies.
2. Take out a term life insurance policy for 50k on all of your relatives for a term of 25 yrs. the Hartford is one of the best insurers that pay death benifits and dont squawk when they need to pay out. They will not need to get health checkups they just need to sign the policy so you have some legacy money coming should they pass during the next 25 yrs naturally its not morbid its life and the very wealthy old money families all insure their elderly for legacy money to insure wealth will be there for the family at their passing. They sign the policy just note you have them insured for your family or you when they pass so you wont be left without resource. next get you a term life policy and renew it every 25 years and pay the premiums on time and dont miss em. Stay away from whole life its a rip off and for fools or they pocket the premiums and the insurance writer gets a bonus for whole life policies. And these are the most non paid accounts in insurance whole life is bunk. Dont get taken. Term life is the lowest cost wise and for elderly its the most likely to leave wealth to the family with the lowest cost of the term renew term life before it expires h in six months of the policy expiration. The hartford insurance is recommend The Hartford because they dont make a fuss over pay outs for claims and thats very comforting to know when your greiving the loss. But the kennedy;s Rockerfella's, Bush's and vertually all wealthy family find it very prudent to invest the premiums in good term insurance for you cannot and most cannot ever seem to save the amounts of thousands needed to save enough to insure no losses when there is a life loss in the family. Its a way to make sure the family is taken care of and arent burrdened after having lost a parent or loved one. do it in 25 year increments that way the health checkup thing is not a issue and keep the policies low in amount so that there is no qualifications issues placed on the policy holder for th elder. cheers.
3. You really need to sit down with an insurance agent and discuss your goals and the purpose of this life insurance. Don't listen to anybody who states that you should only buy term, or that you should only buy permanent. Those people are ignorant as to the real purposes of both types of products. Term works in some scenarios, permanent works in others. People seem to think that life insurance sales people only sell permanent as an "investement". It's actually illegal to refer to permanent life insurance as an "investment" during a sales presentation. The only people who should use it that way are people who have already maxed out or are ineligibile for other tax shelters (such as IRA's, 401k's, etc), usually due to very high income. Permanent insurance still has a purpose for the non-wealthy though. For your relative, term may be the only option (and probably a shorter term, 10-15 years) because permanent insurance would be very very expensive. For you, it may be best to buy a combination of term or permanent. Go through my previous answer's to life insurance questions and you'll find some of my reasoning. I apologize, but I don't have the time or patience to reproduce it all here. Bottom line: go talk to an agent in person in your area...and DO NOT TRUST anybody who blindly tells you to only purchase term or to only purchase permanent. Everybody's situation is different and has a different solution. Edit: Also, to Jeffrey H. You said that term life is the most likely to pay out and leave wealth to the family. This is incorrect. According to LIMRA, less than 2% of term policies ever pay out the death benefit. Because permanent policies (ie, whole life, etc) last for the insureds entire lifetime (unless they live beyond 100) these policies are more likely to be paid out. They don't expire or increase tenfold in premium after a set period of time.