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And your term life insurance policy does not have an ability to convert to a permanent policy w/o going through underwriting (which now you will not qualify for coverage)?? And you die after your term policy is exhausted, will the person who gave you such advice now help your family??
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April 28th, 2010 at 1:04 am
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April 28th, 2010 at 1:04 am
That saying has a lot of truth to it though obviously you disagree. The primary purpose of life insurance is to protect others who depend on your income should you die – not to serve as an investment vehicle. Most people do not need high levels of life insurance protection in their senior years; they need it to protect their families while their children are growing up.
There are situations where whole life coverage makes sense, but for most people, "buy term and invest the rest" makes sense. Don’t fall for the insurance company whole life pitches. Why do think they push whole life products so hard? Because they are more lucrative for them – not better for the customer.
April 28th, 2010 at 1:04 am
If that’s the way you feel, you should buy whole life. For me, I will stick with term & invest the rest. My wife is an educated woman, she can make just as good a living as me.
Another thing – I have disability plans at work. Short term disability, if I am disabled for less than 6 weeks. And a long term disability plan for more than this.
April 28th, 2010 at 1:04 am
Assuming unlimited funds, buy whole life insurance for the insurance you want for your family forever. Then buy term to supplement the rest. For example, you can buy whole life insurance to cover your funeral and supplement a few months of living expenses. You can buy term for your family to cover the mortgage on the house and college for your kids. Once you pay off your home, you reduce the term. Once the kids go to college, you can cancel it all together or reduce further. Unfortunately, most people can’t afford the whole life premium.
Insurance is typically not a great investment. Term insurance is you betting the insurance company that you are going to die that year and the insurance company betting that you are not. Every year you live, they win. The year you die, you win. Whole life insurance is not a good investment because the insurance company knows you are going to die eventually. They are betting that you pay enough in over the course of many years to pay for the eventual payout.
and no, the insurance agent will not help your family. They are giving you advice based off of what you can afford and what you can qualify for. It is up to you in the end. If you don’t like their advice, find another agent. Your state should have a directory of licensed agent in your area.