Question I need to get life insurance. I am 35 and right now do not have any life insurance. I use my wife's health benefits and work part time in the evening while staying at home during the day to watch our son. I was thinking about a term plan, but I am not sure what to look for. What type of plans should I look for and/or stay away from?
Thanks
Answer Hi Scott
Life insurance should be considered when their is a human life value to another person or persons. Example, if you died today, what would be the financial loss to your family?
Also what is the potential loss to your family down the road.
If you only want to protect your human life value for a certain period then term life insurance is fine. If you want to build cash value and keep your life insurance for the rest of your life then purchase whole life insurance.
I don't recommend buying term and invest the difference in place of whole life. Nor do I recommend universal, variable or any type of life insurance that depends on the market to keep your policy in force. I won't give you all the reasons for my recommendations, but believe me I have tested all the so called experts and whole life still is the best. I suggest you talk to a mutual insurance company and ask about whole life that pays dividends. If you talk to a stock insurance company, you need to know that they pay your dividends to stockholders, and that doesn't make sense to me.
Thanks for the question and good luck
Terry
