Insurance
10 months ago

Need help choosing between term and whole life insurance

47

I'm 32 years old with two young kids. My employer offers life insurance but I'm considering buying my own policy. I keep hearing about term vs whole life but I'm confused.

My situation:

  • Annual income: $85,000
  • Mortgage: $280,000 remaining
  • Kids are 2 and 4 years old
  • Already have emergency fund

I've gotten quotes and term is WAY cheaper. Like $40/month for $500k vs $400+/month for whole life. But the agent said whole life is an "investment" and I shouldn't waste money on term.

Is term really "throwing money away"? Or is the agent just trying to make a bigger commission?

Any advice appreciated. Want to make sure my family is protected.

CO
@confused_dad

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