What Kind Of Life Insurance?

what's the best type of life insurance for me in 2018?


Ok, so you've decided that you want to do the "right thing" and protect your family with some sort of term life insurance.


Good decision!  That's the first step in the financial planning process. But what's the best type of life insurance for me and my family? 

There are many types of life insurance available . Term life insurance provides an amazingly simple, yet highly cost-effective financial safety net that just about anyone can get, assuming decent health.

These days you don't need to be a marathon runner to get a quality term insurance policy, either.  Make sure you find a good life insurance broker with lots of experience helping people find the right product.


which is better, term life or whole life?​



Years ago, life insurance only came in two flavors, whole life and annually renewable term insurance or ART as it was known.  That's it!  Whole life goes beyond this discussion, but just know that with this type of policy, premiums start out high, but they never increase and you can keep the policy for your "whole life". Get it?

Thirty years ago, one insurance company had the smart idea to understand that many people wanted to keep term insurance policies on the books for longer than just a few years.

So, some smart home office actuary realized that if they simply averaged out the premiums on an ART policy(remember that term?) over five years it offered consumers a better deal and they were more likely to keep the policy and renew beyond the initial level payment period. 


Some of the newer, more "modern" types of polices on the market today would have been unheard of back in the '80s.  One of the more complicated is "indexed universal life" where the cash value is invested in an index like the S&P 500.  The tax treatment for IUL can be a bit tricky, so be careful.  My colleague, Doug Mitchell has written about ​the tax treatment of IUL cash value and is an expert on this subject.  

More and more people who bought life insurance liked this idea and bought large amounts of this type of insurance.  After a decade or so of shorter duration level premium term life insurance policies, companies began offering longer lock-in premium periods.  Fast forward to day, we have almost any duration a consumer could want, hence the term "modern" policies. So, essentially, term insurance is the best type of life insurance for seniors, Millennials, Boomers--almost everybody! 


Types of Term Life Insurance Policies
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If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

If you need an insurance professional who knows the industry, listens to your needs and works hard for you, Chris is your man.

We have trusted Chris with all our insurance needs for several years. He always listens and understands our needs completely and then works hard to design a policy that best fits our needs. He is very personable and easy to work with.

Sanjeev Dharap Architect, Entrepreneur, Technical Advisor
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Expert Advice and Honesty

Chris brings expert advice and honesty to every project we work on. He gets things done in a timely manner and does an excellent job following up.

Brad Branson Partner/Investment Adviser- Cornerstone Capital, Inc
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Didn't Try To Upsell Me!

I found Chris when looking for life insurance brokers. I knew exactly what I wanted and told Chris and he was able to deliver without trying to upsell me on something else. It was very straightforward and exactly how I hoped it would be. I would definitely recommend him for anyone in a similar scenario.

Nathan Netravali Associate Director of Clinical Applications at Think Surgical
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CB Acker Associates Is Extremely Responsive

Chris provided (and continues to provide) excellent service and support for our insurance needs. He is very responsive, knowledgeable and provides specific and efficient solutions to our insurance needs. I highly recommend Chris!

Antonio Altamirano Founder, CEO at Tangelo
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Chris Acker, CLU, ChFC
 

Chris is an independent life insurance broker located in Palo Alto, Ca. He started helping families and businesses build strong financial safety net in 1985. He earned a BA in history from Williams College in 1985. He Earned the CLU designation in 1989 and the ChFC designation in 1991. He is a past board member of the local chapter of the Society of Financial Services Professional. He has been a member of the National Association of Insurance and Financial Advisors since 1985. Chris resides in Palo Alto with his wife, Carol and daughters Rachael and Samantha. In his spare time he is a regular platelet donor for the Stanford Blood Center and actively volunteers for various organizations and alumni groups.

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