would is good i buy life insurance for 20 yrs? since my husband & i 36 yrs old with 2 boys 1 yrs & 1 mo. his decision to buy 20yrs with refund.

March 07, 2008

Posted by itsjoe67

( 1 rating )

I typically go against financial planners advice here. They think that you should buy term and invest the rest - maybe because they often make more money if you invest.

I would suggest a 20 pay life, where you pay into it for 20 years and then you own it. It will have a cash value you can borrow against but more important, you will own it.

So in 20 year, when your 56 and have become uninsured or rated to expensive to buy insurance you will have it.

so lacking a crystal ball and knowing what your future holds, go whole life.

Just a thought..

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March 11, 2008

Posted by inthemoney

( 0 ratings )

If you decide to buy life insurance, buy Whole Life insurance and you should stick with the mutual companies.

Some of the advantages are:

1. They pay dividends that are not taxable
2. They have cash values that grow
3. They have death benefits that are guaranteed and also grow
4. You can borrow against later when you are in need of money
5. They give you leverage and permissions to spend down your assets
6. Does not matter what the market does, you are protected from market risk

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