what type of insurance is better for someone 35 years old term or whole life?

Answer 1

I would buy a 30 year Term. Its inexpensive and you can invest your money. If you don't have a IRA or Roth IRA now, go get one. That is what everybody do when they own term insurance. At the end of term, most people usually don't need life insurance or don't need as much coverage because they have less financial obligations to pay. If you die during the term, your beneficiary will get the face amount plus all your investments.

With whole life, your premiums are paying into two products built into one. You are paying for insurance and savings. You can use the savings anytime, but you would have to pay it back. Sounds stupid right? Do you like to borrow your own money and have to pay it back? You might hear that your insurance will be "paid up." That sounds great, but guess where they get the money to pay your insurance? They use your savings. When your savings hit zero, you will see one huge insurance bill stating that you will have to pay back all your miss premiums including money that was in your savings. What's even more disgusting about whole life is that when you die, your beneficiary will only get the face amount minus any money borrowed from savings. You will only get the savings without any penalty if you reach age 98.

Answer 2

I would either purchase a whole life or look into a Universal Variable Life. UVL is an insurance policy, but with a cash value that you can borrow against or withdraw from...it has the same tax treatment as an IRA. At your age...I would do some research on the UVL.

Good Luck.

Answer 3

Whole life is never better, not matter what your age. If you want to invest your money, life insurance gives you less return than practically any other type of investment. Turn to term life instead. You cover what's important, your life, without throwing extra money around for an investment.

Answer 4

Term or Whole Life is just a temporary policy.If you love gambling , go for it, insurance company loves that.
There is another product call EIUL with a cash value that you can borrow against or withdraw from... the CAP is12.5% and MINIMUM is1% means you never lose your money. With this policy, for sure, you will have extra money when you retired with NO TAX. Email me if you have any question.

Answer 5

depends on your desired end result (and there will be an end)
and that is usually a compromise with what you can afford right now. If you are 35, and have a family, some of both, mostly term.

There are a lot of wrinkles, but you can buy a lot of term cheap per year if you are healthy.

Answer 6

TERM TERM TERM!

Take the difference in premium and maximize your Roth IRA contribution or simply invest it. You and your heirs will be better off.

Answer 7

T E R M ! ! ! T E R M ! ! !