[Swinky]

We need to buy life insurance, but it is so darn confusing with term, whole, etc. I've talked to some insurance agents and I still don't get it. I honestly think they go out of their way to make it more confusing so you'll just buy what they tell you to. What kind of insurance does everyone here have?

[jump]

I do not have life insurance. I have a deep savings account and a will. Instead of paying premiums and leaving it in someone else's hands I just deposit the money in to an account. I have quite a nice sum now.

[jason]

It is in my list along with a will. Both I really need to do, and want to do. But lately I just have not gotten around to getting to it. It is bad I know.

Term life is the least expensive. No cash value, pure insurance. It pays a specific lump sum to who you designate upon death.

Whole life pays a death benefit, and is currently tax deferred. A fixed premium. More of an investment that the insurance company manages.

I believe there are more to it then that, but that is what I understand. I am sure someone can explain better then I could though.

[Swinky]

That kind of makes sense, Jason. Thanks I wonder if it would make any sense to have both a term policy and a whole policy. I also can't decide which company to go with.

[leeti]

I hate insurance and I am sure the person who thought it up went along with "lets make this as confusing as people".

Honestly though I am thankful my work supports having a good insurance policy with a nice company that is always willing to help make things less confusing.