Subject: Re: Re: best life insurance for family needs

Comments:
: "My question is, do we need whole life?" : No, but having a little bit of permanent coverage is generally a good idea. The small whole-life policies you have seem fine. I wouldn't get rid of them, but I really can't imagine you needing more. Paying for term insurance is not throwing money away. Even though the protection it provides is fairly intangible, it is real and has value. You are using it as a hedge to protect income and retirement funding in the event of premature death. While life insurance policies can provide tax-sheltering and decent investment returns, there is also a cost for that. I'm really not so sure this is something you need. You may wish to concentrate more on increasing the amount of term insurance you have as $300,000 of total coverage does not seem to be enough given the information you provided. : "Do I really need policies for them. It seems rather morbid?" : : Coverage on your children is not a bad idea, but neither is it necessary. Does the children's coverage convert to individual coverage at a later time? It may be a very nice thing you are doing for your kids. If it doesn't cost too much, keep it. : You are paying $102 (monthly I assume). It is impossible to have ANY idea whether you are paying too much because you have not given more than just basic details about your policies. Go to www.term4sale.com to obtain competitive quote for at least the term portion of your coverage. If you were given standard rates on your original policies, use that as your health class. If you end up getting a super-preferred rate on a new policy, great, but don't base a decision to buy through a particular company assuming you will get their best rate. : If you feel your agent is not being perfectly straight with you, ask your friends who they use for their life insurance. Get recommendations from them and then check out the broker. Find one you are comfortable with. If they cannot explain simply and completely any and all recommendations to you, find someone else. : : 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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