Well, I’m Gonna Die Sooner or Later, So…

… I better buy life insurance.

But I’m at a quandery.

I don’t know whether to get term or whole life insurance.  It’s tough.  Daniel’s not even one year old yet, so I know the term will be looooong anyways.  But should I get a 20 or 30-year term life insurance (with the possibility of getting one of those renewable term life things) or just bite the bullet and get whole?

I’ve read the Motley Fool article explaining the two, but I’m still stuck.

Also, should I get it through my job, or should I purchase it on my own?

Decisions, decisions…

So, my readers, any advice?


About lizardqueen

If single-mothering were a paid job, I'd be rich. However, it doesn't, so I write (which doesn't pay the bills) and teach (which does). I'm overly-educated in the liberal arts, but that doesn't hinder my ability to be pragmatic and realistic. YAY.
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6 Responses to Well, I’m Gonna Die Sooner or Later, So…

  1. lizardqueen says:

    Well! I guess I won’t be buying insurance from AIG!

  2. lizardqueen says:

    Hi, everyone,

    Many many thanks for the advice! I was leaning towards whole life, but it didn’t occur to me to have both.

    Again, thank you!

  3. Zathras says:

    One other thing about whole life: as an investment strategy, it is ultra-conservative. As conservative as T-Bills. What we’ve done is have whole life as a bit of a safety net, while our IRA is mainly ultra-aggressive.

  4. Zathras says:

    We have whole life. We have had it for 5 years now. If you do get whole life, you need to get it sooner rather than later. Starting whole life at 40 is certainly not worth it.

    If you do get whole life, make sure it is from a reputable company. When I was a lawyer I heard about several screwy whole life programs. Very very dirty stuff.

    Whole life should be considered as much a retirement vehicle as pure insurance. If you are happy with your retirement savings trajectory, there is no need for whole life.

  5. celogo says:

    We opted for whole life.

  6. Heather says:

    We have both. Basically whole to protect spouse and term for kids. The term is a higher amount (but less cost) to pay off mortgage and college etc. Whole is funeral and peace of mind for remaining spouse, and any remaining mortgage. Plus it has a cash accumulating fund.

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