I am 26 and my wife is 24. What type of life insurance do we get that will last til we are older?
I am not sure if I get term life or whole life insurance. I want to make sure my dependents are protected even when I am older in years and do I put coverage on my wife as well?
- rcdruryLv 71 decade agoFavorite Answer
Your options are not limited to term and whole life. There are a number of other permanent and hybrid products that may fit the need. The key is to meet with a qualified financial advisor or planner (not an insurance agent) and perform a thorough financial needs analysis.
Given the wording in your question ("til we are older"), keep in mind that any type of permanent product is likely more cost effective than term if the need is more than 20 years.Source(s): Executive Director, Association of Christian Financial Advisors