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Warning: You are editing an old version: By Anonymous at 2015-02-19 11:28:06

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Body:	One other question: Have you look at what the primuems will jump to after that next term? Gauranteed $250 will seem cheap when you look at what it will jump to next. That next time you'll be betting $250/month that you will die within the next 5 years by age 63. After that what $500 a month that you'll die before age 68. Then you'll be betting $800 a month that you'll die by 73. Why not bet $300 a month now and bet that you'll die at some point and not worry about how old you'll be when you die? (PS: those numbers are just guesses as to what the primuems will go upIt really depends why you are buying the insurance in the first place.Are you protecting a temporary need or a perminant need?Temorary needs are things that will go away after a certain period of time. Temporary needs may include (but not limited to):Debt paymentMortgage paymentChild care for young childrenmaking sure the kids get through schoolproviding your spouse with income for a couple years to greivePerminant needs are something that will never go away whater you die tomorrow or 40 years from now. Perminant needs may include (but not limited to):Funeral costsAdmin feeslawyers feesFinal years income taxesEstate taxesCharitable giviing/legacy fundIf it's temporary needs go with Term. If it's perminant needs go with whole life.I like to relate it to housing. Term in like renting a house. It's ussually a temprorary fix. Yes it's cheaper, but you'll never own it. The landlord can kick you out eventually (Term will expire at age 80 or 85) and there's nothing you can do about it. The landlord can also jack up the rent every few years (IE: primuems increasing) and if you sell it (cancel the policy) you get nothing back just hand back the keys and they thanks for your time.Whole life is like buying a house. It's a more suitable long term solution. Yes, it's a little more money, but you never have to worry about getting kicked out, or the rent going up. You also build up equity (cash value) so if you do decide to move on, you'll get something back out of it in the end.And for the Buy Term and Invest the Rest folks it's a good stategy in theory, but it's not suitable for everyone and often doesn't work out as planned. People sometimes aren't disaplined or knowledgable enough to invest the rest, do it right and leave it there. It should not be preached as a one size fits all solution because it clearly isn't.
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