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Texas/New Mexico Stateline | You get the biggest bang for your buck with term insurance. Get a long enough term to get you past the point of your house paid off, and children through school. Then hopefully you are debt free and have some savings by then, and you won't need it anymore.
Take the savings between what the term will cost compared to whole life and invest it yourself in paying down debt or an IRA.
Insurance is for covering risk, not investing. Don't let a salesman tell you any different. I'm sure someone will chime in and try to set me straight, but I am paying <$350 a year for a decent term policy, and paying down debt. Instead of "investing" in a whole life policy. We'll see what would have been the better investment 50 years from now. | |
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- Re: Recently just had our 1st child: Next up, Life insurance! Help please! - midwest : 2/3/2014 06:46
- RE: Recently just had our 1st child: Next up, Life insurance! Help please! - GrainTrader : 2/3/2014 06:50
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