Mr. Belham, I am delighted to read your no-nonsense responses to the questions presented here! My husband and I each have a $100,000 term life insurance policy, which is expiring shortly. We are puzzled as to whether we should continue for a further term, or make the switch to whole life. My suspicion is that we should keep the term insurance, as we can then afford to purchase a larger face value for the benefit of our children (we most definitely need a higher value!) Only thing is, I guess that means our children won't receive any proceeds at all if we die after the 30-year term expires. True? We are not at all wealthy; we do not have investments other than our home. We simply want peace of mind.
At one time I had a universal life policy on which I paid premiums for 7 years and was covered for life. Are those kinds of policies still available? And would they be more cost effective than paying term life for 30 years?
Thanks for any help you may provide.
Kathy (also in Philly!)
