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What is better

Term insurance or whole insurance. I receive a letter in the mail from Gerber life insurance. And to me its affordable,but I can't remember what Sue Orman said about life insurance.

Answer Question
 
mamaofficer

Asked by mamaofficer at 9:32 PM on Jul. 6, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (3)
  • Generally term life insurance is inexpensive and should make up the bulk of your coverge. You have for the years you need it. Lets say your are 20, want to buy a house in 5 years and have kids in that time frame too. A 30 year policy will cover your thru the 20 year morgage, your kids growing up, and thru colllege as well. After all that has happened, your need for life insurnace will not be nearly as great as it is when you are 20-50. So in a perfect world, you load up with inexpensive term coverage (always pick a 20-30 year term - not an annual term - buy it when you are young and healthy to last the whole time), then buy much smaller whole life policy for things like burial expenses and any small outstanding debt like a car loan or such you may have in your later years. As for child life isurance, don't use gerber. Your insurance agent can hook you up with a much better policy
    karamille

    Answer by karamille at 9:50 PM on Jul. 6, 2010

  • Thanks
    mamaofficer

    Comment by mamaofficer (original poster) at 10:04 PM on Jul. 6, 2010

  • Suze Orman recommends Term Life as well.


    *Link*

    Erica_Smerica

    Answer by Erica_Smerica at 11:34 PM on Jul. 6, 2010

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