whole vs term life insurance?

**disneysteve** · 09-28-2010, 04:59 AM

There are dozens of threads on this topic.

Buy term. Whole life is a complete rip-off. Enough said.

**littleroc02us** · 09-28-2010, 07:26 AM

dido to that

**dczech09** · 09-28-2010, 04:57 PM

Yeah I concur. The savings in the whole life account will not grow quick enough to justify the investment, plus the expenses will kill it in the early years. Buy term life and invest the difference. Whole life is a good tool for estate planning, but not for regular life insurance coverage.

**Seeker** · 09-28-2010, 06:18 PM

Originally posted by GIDAVIES View Post

We are considering life insurance, mid-forties. What should we buy-whole or term insurance?

The question is entirely buy whole or term? That makes no sense. Are you buying just to buy?

What are you insuring for? Children? Mortgage? Do you both work, or one?

Mid-forties is not a usual age to start with life insurance.

**disneysteve** · 09-30-2010, 04:42 AM

Originally posted by AnnaZ

If I were you I would prefer the whole insurance as it makes you feel mch more confident.

Why would paying five times as much for the same amount of coverage possibly make you feel more confident?

**Hector** · 10-01-2010, 01:37 PM

Is there an insurance for limited period, say for 30 years in which you can get money back? I understand that premium would go up when it comes to getting money back and most of us would argue that if we invest difference it will be cheaper in long run. But is there a life insurance for 30 years in which I will get invested money back with little or no interest?

**disneysteve** · 10-01-2010, 06:07 PM

Originally posted by Hector View Post

Is there an insurance for limited period, say for 30 years in which you can get money back? I understand that premium would go up when it comes to getting money back and most of us would argue that if we invest difference it will be cheaper in long run. But is there a life insurance for 30 years in which I will get invested money back with little or no interest?

There is a product called return of premium term. The deal is that you pay premiums for 20 years or whatever the term is and then at the end of the term, if you haven't died, you get your premiums back. Don't do it, though. They charge a lot extra compared with a traditional term policy. Plus, a high percentage of people don't keep a term policy for the full term for one reason or another. Return of premium is just one more way for the insurance companies to weasel more money out of uneducated customers.

whole vs term life insurance?