I’m getting old, what life insurance you got??? Whole Life vs Term???

[Deleted member 248173]

Yo I’m looking at life insurances and comparing term and whole life. Whole life is triple the price but I’m coveted forever. Term is cheap and I don’t see me being here in 30-40 years and if I am, my house will be paid off.

What y’all got?

 

[aepps20]

I have a hybrid plan offered by state farm. It starts as a 20 year term policy that I can convert to a whole life insurance policy at anytime. I am 39 so I figured that in 10 years I would convert to whole life insurance. I recommend starting with term and just make sure that you have a conversion option. I wanted to make sure that my wife was taken care off if I passed at 58 like my mom

 

[Deleted member 248173]

I have a hybrid plan offered by state farm. It starts as a 20 year term policy that I can convert to a whole life insurance policy at anytime. I am 39 so I figured that in 10 years I would convert to whole life insurance. I recommend starting with term and just make sure that you have a conversion option. I wanted to make sure that my wife was taken care off if I passed at 58 like my mom

Wasn’t told about the conversion option. I’m assuming the price goes up every year if you choose to switch or do they lock you in at the same rate when you signed up?

 

[aepps20]

Wasn’t told about the conversion option. I’m assuming the price goes up every year if you choose to switch or do they lock you in at the same rate when you signed up?

The prices go up but you get a reduced premium in your first year.

 

[Grine]

I have both.