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Francis · 01-13-2005, 06:24 AM

Flat

Whole life insurance is intended to provide a death benefit to cover you for your "whole life". it is a guaranteed premium that also has a guaranteed cash value build up. dont confuse it with universal life. so, you have protection and a side fund of money to borrow from or cash in when you get to be an old farker.

term insurance is designed to provide a death benefit for a "term" of time 10, 20 or more years. some term policy premiums are guaranteed for the entire time of the "term", others are not. i purchased term insurance to cover my life while my 10 yr old is still under my care. once he reaches 21 or so, i will no longer need the coverage because he will be on his own. term insurance is "pure" insurance, it provides a death benefit only, no cash accumulation. it is much cheaper than whole life or universal life. i happen to carry both types of policies. shop around and then check with your state Dept of insurance for the ratings of any companies you are looking at. tell them you want the A.M.Best rating and an explanation of the rating. cant really tell you the "best" policy for you although if you can get a guaranteed term policy to cover you for the length of time you want, it would be a good idea to investigate it.

01-13-2005, 06:24 AM	#5 (permalink)
Francis Tilted	Flat Whole life insurance is intended to provide a death benefit to cover you for your "whole life". it is a guaranteed premium that also has a guaranteed cash value build up. dont confuse it with universal life. so, you have protection and a side fund of money to borrow from or cash in when you get to be an old farker. term insurance is designed to provide a death benefit for a "term" of time 10, 20 or more years. some term policy premiums are guaranteed for the entire time of the "term", others are not. i purchased term insurance to cover my life while my 10 yr old is still under my care. once he reaches 21 or so, i will no longer need the coverage because he will be on his own. term insurance is "pure" insurance, it provides a death benefit only, no cash accumulation. it is much cheaper than whole life or universal life. i happen to carry both types of policies. shop around and then check with your state Dept of insurance for the ratings of any companies you are looking at. tell them you want the A.M.Best rating and an explanation of the rating. cant really tell you the "best" policy for you although if you can get a guaranteed term policy to cover you for the length of time you want, it would be a good idea to investigate it.