S/O Life Insurance: Term vs. Whole

MrsN052408 · November 2014

I understand he difference, I think. What do you recommend?

My personal situation: I am overweight so many policies are expensive or won't cover me. Do I just take what I can get?

I have an employer based policy so it's not portable. I want something portable and I need more insurance than what I have. Kids are young, 1 and 4. I am not young; I am 40.

I know I need to lose weight

and then my problem would be solved.

sugarbear0524 · November 2014

Everything I've ever been taught is that whole life is a huge waste of money.

https://www.daveramsey.com/article/the-truth-about-life-insurance/lifeandmoney_insurance/

syang5 · November 2014

We just got term policies. In my opinion if you're not good at saving money then maybe whole life is a better option, but if you are good at saving/investing and expect to have a good amount of assets (retirement, home, investments, etc.) when you're little ones are adults then term policies are the way to go.

ricekez · November 2014

We went with 20 year term life insurance, with the expectation that we won't need life insurance in 20 years because we'll have saved enough to cover expenses should one of us meet an untimely demise.

jlaOK · November 2014

We have term policies and truly feel as though they are 100% the way to go. Having said that, we also have a long term financial plan and our children should be adults with college taken care of, our house paid off or close to being paid off, and close to age 59.5 with a good amount in retirement when our term policies expire.

momofcatan · November 2014

We also went with term. I trust my dad's advice with all financial-related decisions and its what he suggested.

justjinny · November 2014

MH & I both took out whole life policies when we were in our early 20's. They are very small - mostly just to cover the end of life costs around $20K. I think we pay about $200 per year on them, but again we got them when we were pretty young so my guess is the rates would be worse for us now.

Mustardseed2007 · November 2014

We have 30 year term on both of us. DH has health issues, so his policy costs significantly more than mine, but it was still the best option for us. I don't need any of the other features of universal or whole, I just need insurance.

I need to get a new policy with a higher payout b/c my income has increased significantly over the past few years, but am waiting until I loose a little more weight (talking 10 post baby pounds I want to loose anyway) but if I go on much longer without loosing the weight (DD is now 7 months old) I'm just going to go out and get a policy.

fareh31 · November 2014

I don't post often as I usually have no value to add! but I work in life insurance (I don't sell) and would agree term is the cheapest option. Whole life, universal life, index universal life come at higher premiums but earn interest and give you cash value you can access (tax free if done right) later on if needed. The best site to shop for term life is (I promise I have no affiliation to this website!) isTerm4sale.com. It lists every term rate out there sorted by price based on health, age, and other inputs

MrsN052408 · November 2014

Thanks for all the input! Much appreciated. Will do some more looking into term.

MrsN052408 · November 2014

The term4sale site is just what I needed. Thanks!

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S/O Life Insurance: Term vs. Whole

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