Should we have whole life insurance?

whole life is the most expensive way to buy the least coverage.

Sit down with him, and WRITE DOWN THE GOAL. What's the POINT of having the insurance?

Now, think. Is there a CHEAPER way to acheive that goal? For most people TERM insurance is cheaper in the long run, AND the short run, if you invest HALF the difference.

You need to get him to listen to Dave Ramsey.

Whole Life policies serve one purpose for a 26 year old insured.... the largest commission for the agent. And that is it. This is coming from a licensed insurance agent.

A long term (30 year) policy would be maybe 85% cheaper in premiums with the difference being used to fund Roth IRA accounts. Who needs a permanent policy that pays 4% interest, annually re-setting mortality expenses and a sky high premium relative to a term policy.

If you bought it very recently, request the 10 day free look, get all of your money back, buy a term for twice the face amount, still spend about a quarter of what you would have on the WL, and invest the rest in a tax free Roth for your retirment. WL for a 26 year old.... that agent should be ashamed of themself. Its the same kind of guy who sold your grandmother a 12 year fixed annuity paying 4% interest to her and a 9% commission to him. Criminal.

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RE Should we have whole life insurance?

My husband is 26 yrs old and he bought whole life insurance. I tried to tell him to get term sicne we are so young, but he wouldn't listen. Can anyone help me?

for your case i will suggest

1. relook at the total insurance requirement. He need to have an insurance amount of at least 5 times of his annual salary

2. calculate the loan o/s ie mortgages, credit card.....

3. future education fees for children??

4. Medical insurance ??

5. Critical Illness coverage (5 x salary )??

6. Personal Accident coverage (5 x salary)??

Add the above sum assured and see how much protection he needs.

This will assist you to set the priority right. With the lowest premium and the best coverage. In the long run he should be able to see the big picture.

Tips : To convince a man you need to use logic. Let the logic sink into his mind first and the rest will come in automatically

I might suggest that you try this site where you can compare rates from different companies: http://coveragequotes.net/index.html?src=2YAriao5U...

RE :Should we have whole life insurance?

My husband is 26 yrs old and he bought whole life insurance. I tried to tell him to get term sicne we are so young, but he wouldn't listen. Can anyone help me?

Update: i need specifics on how to explain why we just need term,but we do have kids, so maybe we should keep it?

Follow 9 answers

If you have your other financial matters in order and can easily afford the amount of whole life he needs, knock yourself out. Most young people that I know who buy whole life are drastically underinsured because they couldn't afford the amount of insurance they really needed. The amount of insurance determines the check that shows up at the door when he passes away, not the type of insurance.

I would recommend you to visit this web page where you can get rates from different companies: http://coveragefinder.net/index.html?src=5YAxnu68u...

RE :Should we have whole life insurance?

My husband is 26 yrs old and he bought whole life insurance. I tried to tell him to get term sicne we are so young, but he wouldn't listen. Can anyone help me?

Update: i need specifics on how to explain why we just need term,but we do have kids, so maybe we should keep it?

Follow 11 answers

Well, it all depends on how you present it to him. If you persuade him to buy some 30 year term and have a reliable plan on what to do once the term has expired, Im sure he will listen.

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Husband often have hearing problems, there isn't any help for it.