djvh@drutx.UUCP (VanHandelDJ) (04/08/85)
> > I have wondered about the merits of Whole Life vs > Term. > > After very little thought I have gone for Whole Life. > Emphasize very little. > The reaspn is not the cost or the cash value. > The reason is that in 7 years the policy will be paid up > and I won't have to pay anymore. > From then on in I will be insured. The reason IS cash value. The company keeps the policy in force from year to year by drawing premium from the cash value. You are paying higher premium for 7 years, so that there will be enough cash value to keep the policy in force for life. You could get guaranteed renewable term for far less and just write out a check every year. The small bother would surely save you money. They are investing your money, and giving you a fraction of the interest; you're better off investing the savings from Term Ins and keeping all of the money earned from interest. > The whole idea of insurance is to provied for your loved ones, or > at least to pay for your funeral. > It is not an investment. Exactly. You just described why NOT to buy Whole Life Insurance. Dave Van Handel