is a better than whole life? Retiring Air Force, looking for a better deal than I was offered

 

  • johnny c. 11:03 pm on October 11, 2009

    i vote for term
    VGLI or USAA

  • JenniferE 11:03 pm on October 11, 2009

    Whole life will take you to age 100 and you should have a guaranteed payment. With term life you only have it for that term. 10-20-30 years then it’s gone. Kind of like car insurance. What you get depends on your beneficiaries and outstanding liabilities. Lots of people underinsure. Some people feel stronger either way. I like Whole life because it will take you to age 100. You lock in your health and age.

    My husband and I went to see an ins agent who was aggressively trying to push us into term. At the beginning of the appointment he was saying that he was a colon cancer survivor and talked a lot about his family. When I disagreed with his points on term life I asked him what he had. He said term. I pointed out to him that when his term policy expires at the age of 55 (when he needs it the most) he could possibly be uninsurable. That in of itself was a scary thought to him. If you have whole life don’t let it go!

  • Mark S 11:03 pm on October 11, 2009

    Do you still have a mortgage, wife, kids, debts? Are your children close to going to college? If you die, can your wife survive on her income? There are many questions to ask before you decide. Life insurance is very personal and your answers and feelings will be different than mine. Me I believe in level term and level term only. Compared to whole life, you can get more coverage for less. Term periods can go from 10,15,20,25,30, and 35 years. How long will you live? As you get older, you should have less reasons for insurance- kids grown and out of house, house paid for and you and wife have prepared adequately for retirement. This is the Theory of Decreasing Responsibility. Unlike the above person, after age 55-60 insurance needs should drop to covering funeral expenses, maybe a little to the wife, but not much else. Just like car insurance, you get it and pay for it hoping you will live past the term. With whole life youe family will choose the face value and NEVER the cash value.Y? Cash value goes to insurance company.

  • lara 11:03 pm on October 11, 2009

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