Help with choosing life insurance

[Miss_Lala]

So, we met with the guy and, being stubborn, I didn't take the advice, and proceeded to get into an argument with him over whole. I told him to not even start his pitch because there was no way we were doing it. I've talked it over with DH, he's on board with me for term. As for disability, the guy brought it up, and we do need a little bit more coverage for DH, my income is only icing, and going to disappear when a little one comes into the picture (hopefully within the next year).

Thanks for all of the advice. I really appreciate it!

[harley]

I visited my mother today, and we called Prudential about the whole life policies. As I was sure, she was mistaken. I knew she couldn't owe $24K in taxes on a $39K surrender policy. It was $24K taxable. She's been paying her $600/year on the policy, racking up those monstrous 3% dividends since 1966. What a scam. And the policies were sold to her by her trusted insurance agent, my uncle (her brother). He's 84 and not all there now, so you can't really get mad at him. It just goes to show how the agents can convince themselves that they are really helping their clients while they are actually helping themselves.

Anyway, I doubt if she had gotten term she would have invested the difference, so maybe this worked out for the best. The money will be there if she needs it in the future. Otherwise it will pass to me tax free. I don't need it, and maybe I'll do the "buy the policy" thing from her, giving her cash now. I'll need to figure out how to word it so she doesn't get her dander up.

[saluki9]

Quote:

Originally Posted by FinanceDude How big was the face?

It was $1M, but he was in his 70's and not in great shape.