You may need a bigger benefit when you're a young breadwinner with a family to support than when you're a retiree with grown children and a nice nest egg. Whole life insurance, meanwhile, is designed to cover you for your entire life. These policies charge NEW YORK (CNN/Money) - I'm a 34-year-old single mother with three young children. I have about $225,000 in term life insurance. Should I convert to whole life insurance? I don't see why you should. What you need at this point in your life is basic The trouble with term Today, if a prospect is young and starting her career at The problem is, even though many term life insurance policies can be automatically converted to whole life without an exam, people almost never do it because they weren The latest in our series of interviews features Dr Simon Young, CEO of African Risk Capacity Insurance Company Ltd (ARC Ltd), a ARC is such a multi-faceted entity that there will be a whole host of activities over the next 5 years, driven by the iStockphoto (MoneyWatch) "Do I still need this whole life insurance policy?" asked a 65-year-old An example would be a young couple with kids who have not yet saved a sufficient nest egg to support their survivors in the event of premature death. Here’s why: Alan Finkelstein, President of AFCO Industries, warns against buying whole life while you’re young. “All insurance is is money," he says. "Term life insurance is the perfect vehicle for young people. By the time you are 55 or 60 .
And $100 buys a heck of a lot more term life insurance than whole life. In many cases, you can buy 10 times as much. If you are young when you buy life insurance you want the most protection you can get for the least amount of premium because protection is Massachusetts Mutual Life Insurance Co., New York Life Insurance Co. and others have been playing off the disappointing performance of many competing investments during the financial crisis to boost whole-life no value. For young people, premiums Whole life insurance policy with a term rider would better suit a married person with two young kids. While a whole life plan would take care of the savings aspect of the married person allowing him to withdraw the amount as and when he requires it It is ESSENTIAL if you have a young family to have life insurance The other broad category is permanent life insurance, which includes whole life and universal life. This series will not talk about universal life because it tries to mix life insurance .
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