I'm curious what people think about life insurance. Not factoring personnel finances, I'm debating between USAA's Level Term V insurance to supplement the SGLI (which would last 30 years), or getting a Life Term Policy to carry into retirement. Just started looking into this today, just looking for some thoughts on the idea.
This has been covered many times... I still recommend getting the Navy Mutual Whole life as soon as you can.. (the younger you are, the cheaper the policy is)
With whole life you can always get your money back.. term insurance is like renting a house... when you leave (or hit 70) you get nothing
LIFE INSURANCE: Many options but,Term is the most coverage for the $$. When you are young and have dependants, you have big time coverage to care for them should you depart. Like Wray says-it has no cash value and decreases as you age. While on active duty, I took out a 120K Term policy.It would have given my dependants big bucks.My children are now grown and gone and all I have is enough left to cremate me but,
it covered me Big Time when I was young..To each his own I guess.
Go for Term Life insurance. I have had a $50k whole life policy for 20 years, nothing wrong with it, but it did cost a helluva lot more - for a lot less coverage. Only diff is I can cash it out now for about $10,000. - only a small fraction of what I paid in, and then have no life insurance at all.
Term is best bang for your buck.
When you get older and the kids are on their own, what do you need a lot of insurance for? Insurance is really to protect your family when you are younger and would be devastated financially in your untimely demise.
Again, as w/ the question regarding TSP, only you and a professional financial adviser can answer your question. But the advice given here is all good. You need to consider that each has its good and bad. People say insure for a lot at a cheaper price and hope you never need it...basically like your car insurance. Others say that whole life insurance you get money back. I say life insurance is not an investment but what it means, life insurance. If I want to invest there are other vehicles to do that. However, nothing wrong w/ also diversifying your life insurance portfolio. Yes, I have both term life insurance and also whole life insurance w/ Navy Mutual Aid. In summary, don't put all your eggs in the same basket. Get both. See how much you can afford in monthly premiums and see if getting both gets you close to the amount you want in life insurance in the event you are gone tomorrow. Last but not least, nothing wrong w/ insuring your spouse. Believe me, should my better half be gone tomorrow, I would miss not only her company but also her income.
