(Closed) Life Insurance… need advice

posted 6 years ago in Legal
Post # 3
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

Whole life isn’t worth it in my opinon.  You pay much more than you do for a term policy and a lot of the value takes forever for you to get it back.  I would look into a regular term policy which where you can get a lot more coverage for the same amount of money.

I just looked up a quick quote and my husband could get $750,000 in insurance for $59 a month.  That’s a 20 year policy.

You also need a lot more than $75,000.  Remember that you are going to need to pay for childcare in addition to expenses if something were to happen to your husband.

Post # 4
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

My financial advisors suggest against whole life policies and say that term policies are always the way to go. 

Post # 5
Member
14495 posts
Honey Beekeeper
  • Wedding: June 2011

I love whole life, especially if you purchase before 30.  It is just a better investment, IMEO, than term.

I used to tell our clients, minimum 2 years living expenses plus complete payoff of debts is what you should shoot for when buying LI. 

I bought my 250,000 WL politcy when I was 20 and still cost $50 per month.  I have borrowed against the dividends a few times when I needed it.  As of now (40)  my policies dividends are paying for the policy and I don’t have any more payments and it is worth more than the face value because I chose a market WL policy (which just means I included stocks in the purchase). 

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