Quote:
Originally Posted by Slava
Well the best way to do things is either buy a smaller whole life plan and layer some term coverage on top or to buy term and then convert that to whole life when you're older and want less coverage for the rest of your life. That's a really general overview, but in a nutshell I would lean in that direction because you have more need for the coverage when you're young and in debt, very generally speaking.
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That actually sounds super logical. I guess I'll top it up with term in a few years when I start the kids debate.
Side question: What is the reasoning behind term vs whole situationally (assumption of 100% one or the other)?
I settled with whole because I bought in at age 24 (end funding at 39 or so) and have life insurance for "free" for another (let's say) 30 years. At least that's what I was led to believe.