I came across some interesting posts that address, in one way or another the whole life vs term controversy.
I am absolutely amazed that this question keeps being batted back and forth and is always the subject of expert opinions.
If you read between the lines – looking for the agenda of each expert you see that they are invaribly selling one thing or the other. On in the case of the financial gurus promoting term insurance – are they really so sure of their stance, or do they just want to free up your money to invest with their friendly brokers.
What if you had listened to Suze Orman and bought term insurance – which gets more expensive every year, a few years ago and invested your money with Bernie Madeoff? Now you’d be faced with noting from the investments and much higher insurance preminums.
As someone not selling anything the whole life vs tem issue is simple. The only kind of life insurance that is of any value is the kind that is in force when you die. Because it is unlikely that you know how long you will live and how long you need for cash at death – here is another way to consider whether it should be whole life vs term.
Term insurance is a permanent solution for a temporary problem. Cash to protect a yong family, pay off a mortgage or business loan, that sort of thing. The entire death benefit is available right now and the amount of the benefit can decrease as the kids get older or the loans are repaid.
Term insurance is a temporary solution for a permanent problem. Huge amounts of immediate death benefit that can be gradually converted to the amount you will need in the long run.
So, if I were you what would I do? I would spend as much time and energy as it takes to connect with a collobrative life insurance agent.
You should be looking for someone willing to work with you to determine what’s best now and in the future – who will put together the combination of products that meets your needs today and in the future.
Here are some posts that add information of value to the search for your own decisions.
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A Short Introduction to Whole Life vs Term Life Insurance - When your circumstances require that you suddenly have to take out life insuance you sometimes have to decide quickly. Deciding over what type of insurance policy is best for your situation, is no laughing matter. …
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Whole Life vs Term Life Insurance - There are many different insurance agencies that want your business but how do you determine whole life vs term life insurance. There are many things that factor in but one thing that is always taken into consideration is the basis of …
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Re: Whole Life vs Term Insurance | Term Life Insurance - Welcome to the famous five minute WordPress installation process! You may want to browse the ReadMe documentation at your leisure. Otherwise, just fill in the information below and you’ll be on your way to using the most extendable and powerful personal publishing platform in the world. Don’t worry, you can always change these settings later.
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Whole and Universal Life vs Term life. Are they a ripoff? | Round … – I am looking into buying whole life vs term insurance but what other investment GUARANTEES 4-7% returnes like some whole life companies do. Also I was told if an investment returns 10% for the next 30 years and has one negative year …
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Term vs Whole life insurance….The Great Debate – Over the next few weeks my posts are going to be focused on this debate between having whole life vs term life. No two households are alike so it going to be interesting to see how this debate turns out.
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Whole life vs. term–can you prove higher return with whole life? – Someone posted a question about whole life vs. term and someone claimed they could prove whole life had equal or better return than buying term and investing the difference in the stock market but the question was closed before the …
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