Dear silinv: If you can get at fix cost throughout
your life, there must a catch (IMHO).
The price of the insurance is based upon your age. You can "lock up" that price for a period of time. The CATCH is if you buy it young chances are you WONT die, thus you will be paying that lower level of premiums for a longer period. Now if you wish to DIE to win the bet that is YOUR business, but for me, thats a bet I prefer to LOSE! haha.
Unless you are a person who just cant save on their own, meaning lack of discipline, just buy the cheapest term offered, buy it in the amounts that you feel you need considering your TOTAL financial picture. For example, if you have little or no savings, a nice salary or wage, a wife and 2 kids you probably need a fairly high level of PROTECTION if you wish to provide for your family should you die before establishing a significant estate. On the other hand, if you have a Million $$$ invested or more, grown children already educated, and basically only your wife to provide for you may need no insurance at all or only that to settle estate taxes (there are none between spouses) or to fill in some gap you may forsee between the income your investments throw off and what your wife would need. Its just that simple, cut through the salesmens bullshit and look at it as above. JDN
ps: Insurance, IMHO is the worlds lousiest INVESTMENT. It is ONLY good as a protection item. Like buying a put if you are worried your stock might drop. I can only recommend a whole life product to those people who have little savings, and cant seem to pay themselves FIRST when their paycheck arrives. For them any savings accumulation is better then NONE. |
