Is term life insurance good for a 40 year old or whole life ?

[OlecountryDawg]

Nm

 

[Dawgman94]

Nm

Popcorn

 

[gfbdawg]

depends on your needs and what you can spend but Whole life is best you can out live the term

 

[stray]

Nm

Whole life is a horrible "investment". Only buy term life for an insurance policy, if you want to invest/save money do it somewhere else. They make big commissions on whole life, that is why they push it so hard.

 

[gawga_dawg]

Nm

Just remember this. With whole life, you're paying two things and you'll only ever get one. If you die, you only get the face amount, or the benefit. If you cash it in, you only get the cash value which won't be much unless you have had it for 30-40 years. The point of life insurance is to replace the bread winner's salary in the event of a tragedy. So you want to get the most coverage, for the least amount of money. That is almost always term insurance. There are rare cases where whole life can make sense, but my suggestion is you buy term and invest the difference.

 

[MRDAWG]

Buy 30 year term if you want to invest the difference. However, don't assume you won t need life insurance at age 70.

My former employer just cancelled the retirees life insurance. They "guaranteed" it for the last 40 years. They are making record profits.

 

[OlecountryDawg]

I maybe a idiot because I don't know enough about it but I remember hearing Dave Ramsey bash whole life so I stayed clear from it .

I did 20 years at age 40 . A friend told me I have the 40 blues . He said why I didn't do the 30 and I said it was so much more . He told me to invest a little more than I do and he wouldn't think I'm a idiot . He said when the term life goes into effect cancel the crap and get some money back and put that money into a mutual fund or good stock. Which you won't get much back .

Do you agree with his advice or no ?