Is it better to have term life insurance or whole life insurance?

I am 26 years old and just had a baby and want to know which insurance is better whole or term.

How do I determine how much to get?

Who besides my daughter if anyone should be the beneficiary? Note: Her father and I aren't married but I was considering leaving him a percentage so that he could have extra $ to provide for or daughter if neccessary - Is this a good idea?

Never buy a whole life policy. Here is a good article explaining why:

http://lifeinsurancenow.com/how-to-buy- ... ce-policy/

Term will be your best value. You can get the best quote here:

https://www.expert-quotes.net/term_life ... ce/lin.htm

What is the difference between whole life insurance and term life insurance? What is the difference between whole life insurance and term life insurance?

There are a number of differences between the two types of policies. The simplest way of looking at it is that term is like renting and whole life, or permanent, insurance is like owning.

Term insurance provides you with typically the lowest priced insurance product because the only accept the risk that you will die before reaching a specified date. If you do die during that time then the insurance company pays the established death benefit. If you out live the policy, you will typically not receive anything back.

With whole life insurance, you are paying the insurance company to provide your family with the insurance pay out when you die. Whole life insurance will usually last until at least age 100, regardless of when you begin the policy. There are some variations of whole life which also allow you to finish paying on the policy at a specified age, or after a set time period, but in these cases, the policy lives on even though you are no longer paying for it.

Is a whole term life insurance with a retirement plan a good idea?

I had a meeting with and finace agent about geting my retiriment ready and he tried to sell me whole insurance with retirirment I have term insurance right now

Investing into life insurance plans are never a good idea. Why? In most cases, you or the beneficiary are getting one or the other. Not both.

Buying term and investing the difference is the best approach. That way, as your investments grow and your financial obligations goes down, you won't need as much coverage later on in your life.

What is the difference between whole life insurance and term life insurance? Which is better?

That's like saying, what's better, apples or oranges?

BEFORE you buy life insurance, sit down, and write out what you want it to DO for you. You should have a GOAL, and an EXIT STRATEGY, just like any OTHER financial tool you use.

Then sit down with your local agent and see which tool fits your needs.

For MOST people, they want life insurance around when they have minor or college age children - as they get older and more financially secure, and the kids leave the nest, and the mortgage is paid off, and they start acquiring some real serious assets, they don't need the life insurance - so TERM life fits that need best, and is the most affordable type coverage.

But some people, especially those that own a family business (think, family farm!) need a policy to pay ESTATE TAXES so the family doesn't have to literally, sell the farm, in order to pay the estate taxes. It doesn't MATTER that you don't have kids any more. Or maybe, you're dying of cancer, and want to leave your grandkids $1,000,000 each, without Uncle Sam taking 40% in estate taxes FIRST. If you buy a WHOLE LIFE policy, even if it costs more than the $1,000,000, it WON'T cost as much as paying estate taxes will, and then you get to leave tax free benefits to someone.

So, just like everything else, you need to pick the right tool for the job. But you need to define the job, first.

What is the difference in whole life insurance and term life insurance. Which is best?

It is completely obvious that the previous person works for Primamerica which only sells a TERM product. The person that said you should listen to Suzie Orman is an IDIOT. The recommendations that Suzie makes are for the general public, But you need to talk to an adviser to find out which Life Insurance product is the BEST FOR YOU. There are professionals out there that will sit with you and find out how much coverage is needed and why that is important to you.

There is a good chance that you will need life insurance in 30 years if you save correctly. Have you ever heard of tax-free withdrawal of cash value? Have you ever heard of supplementing cash value in a Permanent policy to pay income tax on your retirement accounts? Have you every heard of ESTATE TAXES? Both Term and Permanent products are good and will help you accomplish the objectives that are important to you. Most successful people own a combination of both. Be careful when buying Universal life that you fund it properly so that it does not dissolve with its "Flexible Payments". Go see a professional. (Northwestern Mutual, New York Life, Mass Mutual)