Is Term Or Whole Life Insurance Better?

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    The true answer to this question is always to purchase that type of coverage which accomplishes you objective.  Sometimes that is difficult to do depending upon your financial situation.  However, there are many different types of coverage including universal life instead of whole life and others.  Your best bet is to talk with an independent agent for help and advice.
    Answered on July 29, 2014
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  2. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    There really is no way to say which type of life insurance is the best. Both are very different and are used to accomplish different goals. If you need an affordable way to create an immediate estate for your loved ones, then term may be your best option. If you want coverage for your whole life at one rate with options for living benefits, college funds or retirement savings then whole life or universal life would be your best option.
    Answered on July 29, 2014
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  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Life insurance is mathematics.  Based on records of millions of lives, insurance companies know that a given fraction of a population in a particular age group will die this year.  Based with that information on every age they can design a plan that covers the possibility of death in one- to 100 years.  At the end of the day that is exactly what you are looking at.  How long will you live.  If you tell me when you will die, I can prescribe the lowest cost policy for you.  If you think you will live for a long time, buy whole life, everything else is just an expense!
    Answered on August 5, 2014
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  4. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! Both products have their pro's and con's that make each of them good and bad fits. My advice is always this: If you are looking to cover a short term debt, like a mortgage or college loans, get term, to cover that length of expected debt. If you want to cover your final expenses, get whole life. If money is an issue, and you need higher coverage than you can afford with whole life, do a mix of both. I hope that helps, thanks for asking!
    Answered on August 6, 2014
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