This is true to an extent. The vast majority of your coverage should be term. However, there is a place for a whole life component. The coverage that is truly needed by most Americans is a living benefit. The number one cause of bankruptcy is medical bills. What I usually recommend is a term with living benefits, and a whole life with either an indexed annuity side to it for tax free retirement use, or a variable life that also has an investment side. An indexed program gives you the upside of the market without the negative return years. The least that you will earn in a bad year in zero, not negative. The key as with everything is balancing your strategy to meet your goals. That is why having someone who truly listens to you is the key. Not someone who pushes whatever gives them the best commission.


Quote Originally Posted by jslo View Post
Term life is the way to go if you're disciplined, IMO. You get a lot more coverge for a lot less money, when younger. If you're disciplined enough to invest the difference you will be much further ahead at the end of your term. When you're younger you need the higher death benefit to take care of your family after your death. As the kids get older and leave the home that need decreases and the difference, if invested, will most asuridly be worth more than a whole life policy benefit. Saw Dave Ramsey mentioned and this is what he preaches and my dad, one of the smartest men I knew/know drove that home to me for 35 years.