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Term Life or Whole Life? What do you have and why?


Asked by Erica_Smerica at 5:44 PM on Aug. 29, 2010 in Money & Work

Level 28 (34,798 Credits)
This question is closed.
Answers (5)
  • 30 year term - 350K on each of us. Once 30 years is up, we won't really need to stay insured for 350K, for our children will be grown and out of the house. Well, they better be. :)

    Answer by KairisMama at 11:35 PM on Aug. 29, 2010

  • 30 yr term - 2 million on my husband and 1 million on me.

    Answer by Syphon at 5:46 PM on Aug. 29, 2010

  • Forgot the why are supposed to do approx. 10 times the amount of your annual salary and if you are a stay at home mom like me they advise that you do half of what the breadwinner is insured for. We did 30 yr term because really the point of insurance is to take care of our children in the event that something happens to either one of us.

    Answer by Syphon at 5:51 PM on Aug. 29, 2010

  • We have whole life. Before we started Dave Ramsey's plan, that's what we went with so that we could have something to "show" for our money, now we realize how silly that is. BUT, when we tried to switch to term life, we were told our premiums would be 4 times what they are now because we are older and I've developed diabetes since taking out the whole life plan. So, we'll stick with the whole life until it reaches it's maximum value, then cash it out. Our children will be adults by then and we can invest that money.

    Answer by michiganmom116 at 6:06 PM on Aug. 29, 2010

  • Term for $250,000.

    Answer by Cindy18 at 6:18 PM on Aug. 29, 2010