Comments on: Which Is Better For You: Term or Whole Life Insurance?

By: Term Life Online

Term Life Online — Wed, 25 Nov 2009 20:29:10 +0000

I feel the best option for life insurance is what really meets your life insurance goals. What are you trying to accomplish with your life insurance policy – that should be the first question for a shopper.

Then, also you want to consider how long you need coverage, what it will cost, what you can afford to pay, and the financial rating of the insurance company.

But, in many instances, if you are on a budget, have a family, or own a home, you may want to consider some king of term insurance in order to get the most protection at the lowest cost.

By: Review of American Express Money Manager Tool

Review of American Express Money Manager Tool — Sun, 01 Nov 2009 13:28:17 +0000

[...] Which is Better For You: Term or Whole Life Insurance? @ Own The Dollar: I guess the bottom line is whether or not you plan to die now or later. [...]

By: Evolution Of Wealth

Evolution Of Wealth — Wed, 28 Oct 2009 18:38:11 +0000

I appreciate you commenting here and on my blog. I’ll refrain from doing so. My question is why didn’t you title your post “Term Life insurance is the best option and cheapest”? That’s what you are saying right? Now I’m not saying it’s the best place for everyone to put all their money. It’s a financial tool. It can be a very, very useful when used properly. That’s the key used properly. As I wrote in the post I previously mentioned, the problem with whole life insurance is that most sales agents don’t know what they are doing so they do what they are told. They sell whole life insurance at target premiums which leads to all the misunderstanding. I get that. I have to assume you understand what I’ve said so far and that it’s true because have presented no evidence to say otherwise.

By: Hank

Hank — Wed, 28 Oct 2009 13:53:16 +0000

@Evolution – I could not agree less with your point of view in your post and in your comment. Whole life insurance is a horrible investment for almost every single person. Insurance should not be used as an investment or savings tool period. There are so many better opprotunities to use your money out there elsewhere. For most people, term life insurance is the best option and cheapest. Whole life insurance pays the highest commissions, and that is why salesmen push them so hard.

By: Money Hacks Carnival #88 – Economic Recovery Edition - Amateur Asset Allocator

Wed, 28 Oct 2009 10:35:24 +0000

[...] presents Which Is Better For You: Term or Whole Life Insurance? posted at Own The [...]

By: Evolution Of Wealth

Evolution Of Wealth — Wed, 28 Oct 2009 02:55:30 +0000

I guess I hate reading these articles because they never really tell the whole story. Truth is from a cost standpoint term is almost always more expensive than whole life. With term the money is gone and then you have opportunity costs. With whole life you are guaranteed to get some of your money back. Some return is less costly than none.
From a commissions standpoint, term pay higher commission rates. More often closer to and exceeding 100% of first year premium.
Then from a returns standpoint a well structure whole life policy will easily return more than 2 or 3%. I wrote a post on it called Life Insurance Secrets http://evolutionofwealth.com/2009/08/24/life-insurance-secrets/
Maybe I’m just trying to create controversy. It’s like saying no mutual funds beat the market. At any given time some do and some don’t.