Micah said: @Keegan
We wanted coverage that lasts beyond retirement. A 30-year term would leave us uninsured at 58, and we’d rather have the peace of mind of a whole-life policy to cover everything.
That makes sense. Whole life can help with estate taxes and leave a financial cushion for loved ones. Still, for many people, term life is a cheaper and more practical option, especially when paired with other investments.
Micah said: @Keegan
We wanted coverage that lasts beyond retirement. A 30-year term would leave us uninsured at 58, and we’d rather have the peace of mind of a whole-life policy to cover everything.
Just curious—were both policies quoted for $500,000? It’s interesting because $500,000 for a 28-year-old seems like a high premium for term life, but maybe other factors were at play?