1. Gary LanePRO
    President, Lane Independent Agency, Southern California
    Whole is definitely better, if you can afford the start up years (1-3). Term will give you more coverage at the start, for a smaller fee, so it is good for those with low income starting out. But once you can pay the whole life amount, it ends up being cheaper, because it is yours forever, the price never goes up, and you can borrow against it and fund college or a house tax free.
    Answered on November 19, 2013
  2. Jeff DavisPRO
    Financial Advisor, Lordship Investments, California
    What do you need? Each type of policy meets a certain need. The only reason insurance companies developed these types of policies is there was a need. Don't let any agent or insurance company tell you that only one policy meets the needs of all situations. You need to clearly outline what you need insurance to do and then purchase the type of policy that best fits your budget. Remember, insurance is insurance; you have other options to invest if you want to do that instead of using insurance.
    Answered on November 16, 2013
  3. Insurance Advisor, The Mrozek Agency, Ann Arbor, MI
    "Better" is a completely subjective term in this case.  The question is really about covering your risk and whether that risk is temporary or permanent.  Term insurance is usually used to offset a temporary risk such as a mortgage or other debt that has a specific term.  Whole Life, and other types of permanent insurance, are generally used to cover risks that are ongoing with no expiration date, like your income or living expenses.
      When working with my clients, we spend more time identifying risks and classifying them as temporary or permanent, then assigning amounts to each.  The we match the product to the risk and the budget.  If cash flow isn't an issue(which it usually is), I recommend 100% permanent insurance as it's the most cost effective over the long run.  If you live long enough, the cash value in the policy will equal or surpass the premiums paid, effectively making your net outlay zero or better.  What I usually find is that people do have a budget but still want to cover themselves properly and we end up covering the temporary risk with term insurance and the permanent risk with some type of permanent insurance, like whole life.  
      The more important question isn't which is better, but how much is needed.  Set up correctly, you could start out with mostly or all term insurance and convert it to permanent as your budget allows.  Another factor to consider is age and insurability.  The earlier in life you buy life insurance and the healthier you are, the less it will cost.  
      In summary, the best insurance is the insurance you buy now, when you're younger and healthier.  Find a good advisor and he/she will help you determine the amount and type which best fits your situation.  Get insured first and lock in your insurability.  You can always make changes in the future.
    Answered on November 15, 2013
  4. 65 POINTS
    Scott Clark
    Agency Owner, 4701 N State Road 26, Janesville WI.
    The best life insurance ? is the life insurance that is in force when you die. term or whole irrelavant, as long as it is inforce. each may have different benifits while your making the premiem payment, but bottom line, have something. buy as much as you can afford, but do mot ove-rextend yourself.
    Answered on November 15, 2013

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