{ "media_type": "text", "post_content": "Hi! I have a young family and wanted to start a life insurance policy in addition to that one provided by my firm. I’m early 30s and I think permanent life over term has more advantages, but really looking for suggestions on where to start?\n\nThanks.", "post_id": "61b7b132c3f13c002fe442d8", "reply_count": 35, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Hi! I have a young family and wanted to start a life insurance policy in addition to that one provided by my firm. I’m early 30s and I think permanent life over term has more advantages, but really looking for suggestions on where to start? Thanks.

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If you are in your early 30s and you want a term life, the max you can do is 30 years. If you think you would be alive in the next n years greater than 30, then go for whole life. Term life = at the end of 30 yrs, you won’t have any life insurance unless you buy another policy. Note, you might prolly have other medical issues due to age that might jack up your new premium if the term life expires. After 30 yrs and you want another term life, you are already over 60 yrs. buying a new insurance would be more expensive. Whole life = you keep paying an x amount till you die.

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Get a term policy and invest the difference in premiums. You will be better off than permanent insurance. How long do you plan to work? If after 70, get another smaller term policy to cover you the extra few years if you want.

Hey, I work in the life insurance industry. If you are looking purely to protect your family from the financial disaster of early death while they still financially depend on you, then get term life. If you are interested in life insurance as an investment vehicle, consider whole life options. The investment returns in whole life are usually less than the equity market, however they are also usually less correlated to the market and can be a good way of diversifying. If you are not sure, get at least a small term life policy now because it is much cheaper than whole life and it will get more expensive for you every year as you age.

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Thanks both. I didn’t read that as an endorsement. Haven life stated returns aren’t as good as equity market typically.

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Permanent life does have many advantages over term. The issue is that all of the advantages are for the person selling it, not for you.

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I would challenge you to find someone who recommends whole life who does not also have a financial interest in selling it to you.

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Thanks All. Yes I am hoping to be alive in 30 years so I didn’t think term life would suit :) let me know that makes sense though as I’m assuming new policy would be more expensive to open in early 60s? If I do go for whole life, any suggestions on where to start? Thanks

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Do 30-yr term for 10-12x your current income. If you’re lucky, you’ll never need it.

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Let’s have a related conversation: How much term insurance, and should everyone with term insurance revisit the amount in light of inflation?

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I have a policy with Pacific Life and Ladder. Pacific Life’s tech isn’t super user friendly (old school) but I got the best rate with them. Ladder is new and easy but feel like I’m paying an unnecessary premium for that.

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I got my first policy after I got married at 28 (30 year term). Then I got a second (20 year policy) before my second child was born. I could have probably increased the coverage on my existing policy but I felt having one policy expiring at 50 and other at 60 was fine. By the time I’m 50, my kids will be 18 & 20.

Those investment fees on some of those insurance plans will literally eat away at your investment earnings like a parasite. Compounding interest is awesome. Compounding expense is a nightmare

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Don’t fall for gimmicks. There is no better insurance than term. Why don’t you spell out the advantages and we can help sort through them.

Thanks I really appreciate these perspectives.

TERM!

Anyone recommend any firms they have term policies with ?

Northwestern Mutual is one of the oldest and considered the best

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Life Insurance is not an investment. It is for income replacement. Anyone who says different wants to make a commission. Cheap term insurance.

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