What is the best life insurance policy?

No single policy is best for everyone; the right choice depends on how long you need coverage and your health. Term life pays a death benefit for a set period and costs far less, because permanent policy premiums often run six to ten times higher than term premiums. No-exam policies issue faster, but they generally cost more per $1,000 of coverage and cap coverage amounts, so medically underwritten term usually offers the lowest rates for healthy buyers.