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The Basics: Term vs. Whole Life Insurance

Richard193 Wrote: Dec 20, 2012 2:15 PM
Universal life DOES NOT cover you for life. The cash value eventually runs out far before maturity. I know; mine did. Whole life is more expensive, but will last your lifetime.
QualityTermLife Wrote: Dec 21, 2012 6:38 PM
My mistake. Rewrite: "It should be Not So Many Years of Term Life Insurance vs. More Years of Term Life Insurance"

Whether or not life insurance is important once the kids are grown requires a closer look at your overall financial situation. For instance:

--Will your assets cover your liabilities? You may not need to provide ongoing income for your kids, but you don't want to leave them in a bind either. Life insurance can help cover immediate cash needs for things like medical or funeral costs. It can also cover your liabilities, so outstanding debts don't completely deplete your assets. If you have considerable assets and few liabilities,...