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need your opinion re: whole/term/ROP insurance
DH & I are in the process of getting additional life insurance in preparation for our LO's arrival. I am currently doing research on our options. Would be interested to hear what your preference is and why?
Whole life
pro - family is covered at any time
cons - expensive
Term
pro - cheaper
con - after term expires, you won't get any money back
Return of Premium
pro- you get premium back after term expires
con - more expensive than term
TIA!
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Re: need your opinion re: whole/term/ROP insurance
Yes. Whole life is the most expensive followed by ROP and then term.
MH and I both chose to get Term Life policies for 20 years. We figure we can afford much, much higher policies with Term, and really, we mostly will just need it for the next 20 years. If/When we have another little one, we'll probably adjust and start new 20 year policies then (therefore we'll still have 20 year coverage for the child, and the price will go up a little but not nearly as much as if we waited until the 20 year policy was up and extended it, KWIM?).
We called Select Quote and we're very happy with the policies we got. We didn't do it together....we each got our own policy, only because he could get a great rate with one certain company, but they would only base my policy on my current weight (at the time, 8 1/2 month pg, which is completely ridiculous!), and another company would base it off pre-pg weight, which got me a much better deal.
We got term with a clause that if one of us is terminal or goes into long term care, it'll pay then and not after we're deceased. We also used SelectQuote and went with individual policies via Prudential. We signed up when we got married (and looking down the road at starting a family someday) and locked in fairly low rates until we're 65.
TTC/PG Blog | Mommy Blog
we both have small policies through work. DH has a whole life policy because he is completely traditional and conservative and he mumbled something about the possibility of leveraging it for any possible estate taxes if we live long happy prosperous lives
It's $$$ and I was never fully convinced it was best for us, but oh well.
I have a ROP mostly because it's cheaper and it was a compromise (I wanted term he prefers whole).
Also for selecting the monetary value we thought about the ability to financially cope without each other - he would have it easier because his family is in a position to help. Mine is not. If he were to die I would really need quite a bit of assistance to ensure our children and I had the life we planned for. So his policy is quite a bit higher than mine but would still ensure he could afford to stay in our home if he wanted and send our kid(s) to college.