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AttyCBradford, Lawyer
Category: Legal
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Experience:  Attorney At Law
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What is the best way to buy life insurance. I have a whole

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What is the best way to buy life insurance. I have a whole life policy for $100K for $30/month that I've had since I was about 25 yrs old, I'm 47 now. I also have what I think is basically term life through my employer, Raytheon. I'm thinking about cancelling the whole life because while it's suppose to build up some cash value it isn't really doing anything, it's only about $1k after all these years. I'm not sure how the employer insurance works, if I lose the job, I loose insurance. Should I get my own term life instead of the whole life so that I can keep it no matter where I work? It seems like I can get a lot more coverage for the same cost.

AttyCBradford :

Hello!! Whole life insurance generally tends to accumulate value only near the end of the policy and therefore a lot fo individuals choose to get term life insurance for a less rate. You are right that if you loose your job through your employer it generally means that your life insurance benefits would also cease

AttyCBradford :

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