Posted by Nicole (165.121.86.189) on March 18, 2003 at 13:50:07:
Hi!
I'm a 32 yr old married female, non-smoker, and homemaker. I work part-time, but my husband is the primary source of income in our family. We make about $52,000.00 a year. We currently have a combination of both term and whole life insurance. We live in the state of Pennsylvania, and are paying about $102.44 for our life insurance policies. We are each covered for about $300,000.00, $25,000.00 in whole, and $275,000.00 in term. We have two small children, under 8 yrs old, and they have riders on my policy. (Do I really need policies for them. It seems rather morbid?) We just meet with our insurance agent, and the company is trying to get us to increase our whole life policies. They are saying that by investing in them now, we can have a substantial amount of money saved for retirement. My question is, do we need whole life? Is it really that good of an investment, they quote their returns at 6%. We both have IRA's. Our term life will drop off after we turn 90 yrs old, so we will no longer have life insurance. It makes me wonder why I'm going to be paying for something for 58 yrs, and then have nothing to show for it.
Anyway, could you please suggest a good option for us, because right now we would like to make wise financial decisions, but also maintain good insurance coverage encase of any accidents.
Sorry my message is so long, I'm just trying to get as much info, to make an educated decision.
Thank you for your time. Nicole
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