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Old 07-21-2010, 12:10 PM   #1
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Default Term Life Insurance

I know this has been mentioned a few times, and with LSL's neurotic studying and serial posting of stuff on Powers of Attorney, Advanced Directives, Living Wills, Last Wills and Testaments, etc .... I just wanted to toss out my personal experience on recently having purchased a term life insurance policy.

Basically, the purpose of this is to take care of my kids in the even something happens to me before they are adults. I currently have my parents listed as the beneficiaries because I also have them named as the guardians of my kids in my Will, and they will use the money how it is intended.

Anyway, I just wanted this to be a brief outline of the numbers so you can see what kind of investment you might be faced with.

My policy is a 20 year term. The amount of the policy is $250,000.00.

The premium is $25.00 per month.

Because I have my auto insurance through the same carrier, I received a $10.00 per month discount on my auto coverage for now having multiple policies.

So overall, this is actually costing me all of $15.00 per month.

Now, I am under the age of 30, and qualify for the "Select" rate based on my medical history and a simple physical exam and blood test they did on me. The "Standard" rate for the same policy for someone my age was $10 more per month, so still very reasonable. But I also could have gotten a $100,000.00, $150,000.00 or $200,000.00 policy for a lower premium. The younger you are when you purchase a term policy, the better the rate. So if you've been considering it, don't wait!
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Old 07-21-2010, 01:55 PM   #2
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Default Re: Term Life Insurance

I would think "Whole Life" would be a better choice because as it matures, you can borrow against it for kids college and other emergencies.
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Old 07-21-2010, 02:04 PM   #3
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Default Re: Term Life Insurance

Whole life is not a good deal, most any financial advisor will caution against it. You are better off investing the difference in premium in damn near anything than sinking it into a whole life policy.
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Old 07-21-2010, 02:11 PM   #4
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Default Re: Term Life Insurance

Yep, that's what my financial advisor told me, term life, not whole.

One thing to think about as well, usually in custody decrees that order life insurance, BOTH parents are supposed to have it. Check your decree.

AND, as was mentioned once before, believe it or not, you can purchase it on your ex!
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Old 07-21-2010, 02:11 PM   #5
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Default Re: Term Life Insurance

http://www.smartmoney.com/personal-f...ole-life-8011/

http://www.fool.com/personal-finance...term-life.aspx

http://articles.moneycentral.msn.com...WholeLife.aspx
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Old 07-21-2010, 02:13 PM   #6
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Default Re: Term Life Insurance

http://www.daveramsey.com/article/te...?atid=davesays

Yep....when the time comes, it's "term" for me.
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Old 01-23-2014, 04:06 AM   #7
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Default Re: Term Life Insurance

im just learning about this stuff...

please correct me if wrong, but isnt term life just till the term is up, then if something doesnt happen to u that money is gone , but with whole it matures and is still gaining money after its maturity date... I would think this, whole life is better.

I think whole life is better if your going to make sure your children get some money when the time comes.
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Old 01-23-2014, 10:30 AM   #8
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Default Re: Term Life Insurance

Term life, you die, your beneficiaries get it.

Whole life, you die, they get anything you haven't borrowed against.

My financial guy told me I should get a term life policy (WAY WAY CHEAPER) and invest in retirement or stocks. I don't necessarily need to borrow against a life insurance policy and it's rate of return is not good.
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Old 11-05-2014, 10:48 AM   #9
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Default Re: Term Life Insurance

i probably don't get this then...

with term life all that money you put in, if you die after the term date, no one get anything but the company keeps it, with whole life once paid, it keeps growing, there is no termination date.

with my understanding, term doesn't seem like a good deal if you live past the designated term-ination date
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