SGLI? Other Life Insurance?

[Turkleton]

There's a huge pricing war right now between insurance companies not to mention it's cheaper because people are living longer. It is a great time to buy life insurance. It needs to be somewhere around six to ten times your yearly income, and it needs to be term life. The broker will try to sell you on whole life and make it look all sexy as an investment vehicle, and try to show you how it'll have cash value later. That's all fine and good, but term life is usuallly cheaper so to me it has just as much cash value now as the whole life will have later.

That's really interesting about the pricing war. Gotta love capitalism.

Don't be so quick to bash whole life. One of the beautiful things about life insurance is they've really got a different product for almost any situation. For example, I could buy a 20 year term policy and spend less money. But 20 years from now I may, for some reason or another, be uninsurable or considered high risk. That could result in not being able to get insurance OR just paying a much higher premium to renew. Given the outcome, a whole life policy would have been worth the extra premium.