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Old 10-27-21, 09:02 AM  
Pat58
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Term or whole life insurance?

I've been relying on my employee life insurance benefits all these years, but it's probably time to take out policies now that I'll be retiring in five or so years.

I'm so confused whether term or whole life insurance is better. Go to a broker, or the bank?

If you have knowledge on this issue, please share. Thank you.
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Old 10-27-21, 11:35 AM  
Karyn
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Bottom line, whole life makes a lot of money for the broker & insurance company but not so much for the general client Term is always better & cheaper, usually a level term for 10-20 years is recommended. I am not in the insurance business but my father was. Whole life is often sold as a retirement plan which it is not. Even my retirement planner who could sell me a plan like that says it is better to separate insurance from retirement savings. HTH
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Old 10-27-21, 11:44 AM  
Pat58
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Thanks Karen! That helps a bunch.
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Old 10-27-21, 12:08 PM  
bzar
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term all the way.

Suze Orman is my go-to person for all things financial - here's her quick insurance advice:

Life insurance made easy. (Promise!)
https://www.suzeorman.com/blog/Life-...e-easy-Promise

Life Insurance Coverage is Necessary
https://www.suzeorman.com/blog/Life-...e-is-Necessary

i also found the cheapest term life insurance (for both of us!) via my DH's teachers' union. it's also available even after he retires - he just has to remain a member of the union as a retiree (affordable, with lots of other benefits), and pay the term insurance premium. check all of the affordable places for term insurance - Costco, credit unions, alumni associations, etc.
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Old 10-27-21, 12:28 PM  
Pat58
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Thank you Jeannine!
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Old 10-27-21, 05:22 PM  
hdw
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Life insurance is meant for your dependents. If you do not have dependents, you do not need life insurance. Life insurance is to make sure that your dependents are able to carry on.

Having said that, always use term life. Term is cheap when you are young -- this is the time you need life insurance the most. When your children are young. When you are older, term life becomes expensive. Time to let go of the insurance.

That's what we did. Once the kids are in college, we do not carry life insurance anymore. Should we pass, they can carry on with the 'wealth' we left them. We do not need life insurance.
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Old 10-27-21, 05:29 PM  
pgun3
 
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My husband and I have term life insurance so that if one of us pass then we have something to fall back on. We have no kids
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Old 10-27-21, 06:04 PM  
bzar
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Quote:
Originally Posted by Pat58 View Post
Thank you Jeannine!
you're welcome - let us know what happens.

couple of other sources: AARP and your current home/car insurance carrier.

good reasons for looking into term life insurance are listed in the article i linked from Suze Orman. If you still have a mortgage or other debt, it makes sense to get life insurance. if your child has college student loans, he/she should get life insurance. if you have elderly relatives who depend on you, it would be good to get a policy for yourself with them as the beneficiary.
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disclosure: in the years 2002-2004 i had a professional relationship with a distributor of fitness videos; see profile.
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Old 10-27-21, 06:21 PM  
sherry7899
 
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Are there any you can take out in middle age or older while having pre-existing health conditions?
A friend of ours wanted to buy additional insurance outside of his employer but could not find anything (other than the ones who advertise on tv) because of his pre existing health conditions.
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Old 10-27-21, 07:43 PM  
ellaenchanted
 
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Term for sure. Even if you don't have children, it is good to have a safety net for a spouse/partner to be able to pay a mortgage or bills.
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