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Term or Whole life insurance

Term or Whole life insurance

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by: Brat Active Indicator LED Icon 15 OP 
~ 9 years ago   Apr 8, '14 6:44pm  
Pros & con's of each?? 4951
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ProblemAgain Active Indicator LED Icon 10
~ 9 years ago   Apr 8, '14 7:09pm  
term insurance is like an auto policy. it is somewhat cheaper and there is no accrued value. essentially you bet you will die within that year. they bet you won't. it's your call which position is the winner if your beneficiary gets to collect. whole life has a degree of investment in it. you accrue value in the policy, funds can be borrowed against the policy. and it can even be cashed out for the accrued value if you decide to do so down the road. (and some policies end up 'paid in full' for the premiums with the result that a small dividend is added to the cash value yearly 4951
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brightlights Active Indicator LED Icon 3
~ 9 years ago   Apr 8, '14 7:20pm  
Term.
 
Whole life is a waste of money (and can get some in trouble if not careful). Read up on it with qualified financial experts and adjust your finances accordingly. There are a lot of facets to this decision, depending on how responsible you are as a saver, how you invest your money, how you spend, etc.
 
But almost always for at least semi responsible (fiscally) people... Term. Emoticon
 
4951
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hardzep Active Indicator LED Icon 10
~ 9 years ago   Apr 8, '14 7:22pm  
Term life. life ins. should not be an investment opportunity. You can make more investing the difference in cost in mutual funds like a Roth. 4951
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bp2018 Active Indicator LED Icon 10
~ 9 years ago   Apr 8, '14 7:50pm  
Term life is generally cheaper than full life insurance and only last as long as the time period you signed up for. The idea is that people who are fairly young and just starting out will need the insurance more than older people who already have everything paid off and money saved up. So younger people may have a higher value and pay a little more, and older people won't need as much, if any, and will pay lower. With full life insurance, you pretty much pay a fixed amount until you die. Some policies let you borrow against it or can be a savings plan, but the investment yield is usually very little. In my opinion, term life is better. Pay for what you need, and invest the rest in a 401k. 4951
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bubbleyes72 Active Indicator LED Icon 18
~ 9 years ago   Apr 8, '14 7:55pm  
Whole Life is the best way to go. You do a fifty year term and live fifty one, you just threw money down the drain. Unless you have a crystal ball and know for sure when your gonna die/expire/pass on you should get the whole life. 4951
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ProblemAgain Active Indicator LED Icon 10
~ 9 years ago   Apr 8, '14 8:02pm  
you really do have to work the numbers tho...who are the beneficiaries and figure out how much whoever gets it is going to need plus any tax ramifications.you could always just go with the alex trebek and colonial penn. take out enough to plant you..and maybe a little extra in case your beneficiary wants a boob job so you won't be going to eternity dressed in particle board or a cardboard coffin when the cost was presented ..term life is a lot like leasing a car but then i don't think you're gonna be driving anywhere with this model 4951
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Brat Active Indicator LED Icon 15 OP 
~ 9 years ago   Apr 8, '14 9:03pm  
Thank for all the helpful replies everyone! I really appreciate it. 4951
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mommyof5 Active Indicator LED Icon 2
~ 9 years ago   Apr 8, '14 10:38pm  
We did term because We took out a large policy on dh since he works, a 500,000 on me for 20 years by that time the kids will be out if college the house will be paid for no debt. will have the pensions for monthly expenses.Then this way we can take what we don't use and invest or just enjoy life. Otherwise it is so expensive to have whole. You can have let's say a 20,000 to cover burial and coffin so the family won't have to worry. Look at your budget and what you need and go from there you can always take out an extra policy as your income increases or you feel the need to have more coverage 4951
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