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Sublime G | Life Inurance: Do I go with term or whole life and why? |
I am a 28 year old man with two young kids and i'm trying to figure out the advantages of whole life and term life insurance. I have friends who say whole life is a waste of money, yet my insurance agent insists that I need a whole life policy. I make a good living and if something happened to me, there is no way that my wife would be able to find the type of income to pay our bills and provide for our kids. Can somebody help clarify which is the best way to go? |
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Financial JUSTICE
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TERM INSURANCE!
because
1) Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = scams!
2) you build faster wealth by keeping savings separate from life insurance. |
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zongu
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As you are young u should go for term insurance . its cheaper thn other insurance plans. you can have higher life cover at little cost(term insurance). but after couple of year you can opt for whole life plan.
man u are young and ur risk takin capasity is at peak. so i would suggest you to have life cover 5-10 times of your annual income. if sombody's annual income is 200000 thn should take life cover of around 1000000-2000000.
and upto 35 years invest 60% of ur money in equities 20% in mutual funds and 20% in insurance.
but before takin any insurace plan do discuss with ur insurance advisor. |
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Plumeria
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Each type of insurance has its perks. Both will give you the piece of mind that your family will be taken care of. Both are great plans, depending on your needs. It's hard to suggest what's best for you without knowing your situation more in detail, but I can tell you about what each type of insurance offers.
Term is temporary insurance. It will cover you for a specified amount of time i.e. 10 yrs, 20 yrs...etc. After that term is over and you are still alive, you will need to start a new term policy. Say you are 48 when your 20 year term expires. At that time you most likely won't be as healthy as you were when you were 28, so your health class will go down and your premiums will go up. This can be quite a jump, depending on your health. The only time your family will get money is when you pass away, although there may be a return of premium rider available.
Whole life is permanent insurance. You will be covered for life. You do not need to get retested for your health class after a specified amount of time. You lock in your health class as a 28 year old, so no matter how old you are, you’ll be paying the same amount. Whole life is more expensive than term. This is because whole life has a cash value. The premium pays for two things. Some of it pays for your insurance premium and the rest of it gets invested so you’re earning some interest. You will have access to the cash value while you are alive, tax-free. Say your kids go to college when you are 45, you can access that money to pay for tuition. Further down the line, when you pass away, your family will get the death benefit plus the cash value.
Tell you life insurance agent what your needs are and discuss the cost of each. |
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Modus Operandi
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Buy convertible term where you don't need to redo medical tests. So down the road 15 years of your 20 year term (or whatever, before it expires) you can opt to a whole life policy without a medical screening. So if you got cancer, or diabetes or something you could switch without a huge premium hike. Otherwise if your house is paid, kids are through school and are living comfortably.. maybe you let it go. Depends on what you want to do. |
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insuranceguytx
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First, I commend you on your forethought in wanting to plan ahead.
Second, without knowing more about your income, savings, debts, and GOALS (as well as your health) no one on a message board can answer which type or amount of insurance is BEST for YOU.
Meet with a financial planner, or another insurance agent and come up with a PLAN much like a game plan for your life. This should outline where you want to be financially in your life. With two small children, saving for college might be a goal.
Keep in mind that you can own more than one insurance policy - both term and permanent (Whole life, Universal Life or Variable Universal Life). Each policy is a tool just like the tools in your workbox, each serves a purpose.
Good Luck
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Donna C
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I love this question? Yes I am an agent. And I a a very conservative agent. This is a very hard question to answer because I do not know what you want it for and how your finances are, but here goes.
There are two kinds of life insurance?
(1) is term. It is really cheap when you are young, but when you get older, most people can not afford it.
The word term means that you are buying insurance for a premium for a certain amount of time (term).
For example: At age 28 you buy a 30 year term. You will pay a certain premium for 30 years. At the age of 58 that term ends and you will renew that policy at the premium of what a 58 year old will pay. This premium will be a whole lot higher, and you may not can afford it. Another problem is that some companies will renew that policies and make you go under their underwritting guide lines. Will you be insurable at that age. When you stop paying on this policy, there is no cash build up. It is gone.
There are several variations of this policy. One is called an univeral life, or a varible life. One works off of the interest rates and the other is the stock market.
Remember (I am conservative) I tell my insureds if you are going to buy life insurance, buy life insurance, if you are going to invest your money, or play the stock market, invest your money, or play the stock market. Don't mix your life insurance with it. These policies can be a great asset, if they are funded right, but many agents are there to sell you something and do not fund them correctly. I have ran into many many people in their 60's and not insurable and have these types of policies and can not afford them because they were funded wrong.
(2) is whole life - This policy is higher, but your premium is set and never goes up. At 28, you can buy this policy and pay the same premium as long as you want. It does have a cash build up and if you want to cancel it at a later date, you will get money back. (sometimes a large amount).
Now both policies are good policies. What I like to do is. If a person is young, has wife and children, and has debt. Buy a large term policy. This takes care of the immediate problem. Make it for the longest term you can. (usually 30 years) And then write a smaller whole life ( Remember the premium is set at the age that you took it out at. When the kids are grown, the house, cars and everything else is paid for, you can drop the term policy or even renew it (if you want to pay the price) and still pay on the whole life. At 58 your life should be getting simpler and you should not have as much debt. This smaller policy pays for the last expenses etc.
I also encourage my people to go to the local funeral home and buy a prepaid funeral. At a young age, you can put it on payments and they are very small. You also can plan what you want. I found that if you plan your own funeral, you aren't going to spend a lot of money on fu-fu stuff. While your family buys extra because they are grieving. This does not have to be done right now, but as soon as you can afford it, do it.
I recommend talking to an agent or a financial advisor. Use some common sense and go from there. |
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mbrcatz
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Your agent is going to make a whole lot more money off of whole life insurance, as it costs about 10X what term costs.
What's your GOAL?? When your kids are grown, do you still care about having insurance?
MY goal is to see my kids raised & through college. So, in 20 years, they're on their own. *I* only need term coverage. So *I* have 20 year term, renewable & convertible, just in case I change my mind, or my needs change, and I need to renew it.
WHOLE life is most useful if you have a large estate, and you KNOW you're going to have to pay estate taxes in order to pass something down to your kids - like the family farm. It will preven them from having to sell the farm (or business) when you die.
So identify your GOAL first, THEN find the product that fits it. Heck, post your goals here, as a second question - and then see what people suggest. But MOST people are best served by term insurance, 20 years, renewable & convertible. |
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Yo' Mama
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Term insurance is just that; it only covers you up to a certain age; usually about 70 years old. Whole life covers you to age 99. Term insurance normally doesn't have cash value unless it has a small payment that is made to you at the time the plan matures at the end of the term. Whole life builds cash value against which you can get low interest loans and which can also be converted to fully paid term policy. The biggest advantage of term insurance is that it's cheaper than whole life. However, if you can afford whole life, that's your best bet. Getting it now, while you're relatively young, keeps your premium relatively low. |
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wartz
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Term insurance is death insurance. It only pays if you die and doesn't produce the highest commissions for the salesman. Whole life has a conservative savings component built in to it. If you can participate in a 401(k) plan at work or have the discipline to save on your own go with that and buy long term growth stocks then protect your family with term insurance which, at your age, will be pretty cheap. |
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aaron p
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At your age, it's much more important that you have the right amount of insurance than the right kind of insurance. If you die next year and the insurance agent shows up at your door, the last thing your wife will ask is, "oh god, did he have term or whole life?"
Having said that, there really are a number of permanent life insurance policies out there that are not "whole life". Depending on your situation, these may suit you better. Talk with a few different agents and/or a fee-only financial planner.
Term may very well be your best option, in which case, make sure it is convertible for the entire level period. |
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meandnadine
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Without knowing all of your personal details, there is no right or wrong answer.
Here are a few links discussing the pros and cons of whole (permanent) insurance.
http://articles.moneycentral.msn.com/Insurance/InsureYourLife/TheRagingDebateOverTermvsWholeLife.aspx
http://money.cnn.com/2002/12/17/pf/expert/ask_expert/index.htm
http://www.thestreet.com/basics/insurance/747337.html
http://www.smartmoney.com/insurance/life/index.cfm?story=lifeterm |
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Makotto
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Well it really depends on your goals. For your age I think it will be a good idea to get a little bit of both
Term insurance will cover you now that your kids are young, and will provide a nice, inexpensive benefit to your family in case something happens to you.
A smaller Whole life policy can take care of your final expenses and will remain with you after the term life insurance its gone.
Since you are 28, by the time your term expires, you will have set some money aside and plan ahead for retirement. In addition to that, your kids will also be grown ups and your emergency needs will go down, which is why a small whole life policy will fit those needs nicely.
Finally I do not understand why some people here talk so negatively about whole life insurance. Like term is another tool that has to be used right for the right circumstance. Saying that the broker gets paid more is deceiving (most brokers push term insurance because the harge back on the policy -early cancelation- is less likely -thus, it hurts their commisions less-). Remember, everyone in the insurance business makes money from sales, so if someone tells you that they do not want to make money, they are probably not being 100% honest with you. |
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