Facts: The problem with Life Insurance is that it's a lose-lose situation. You lose either way. If you die, you collect the money, but you lose because your dead. If you don't die, you don't any money, and you feel like you lose also, because it feels like you wasted all your money on the premiums.
The policy I have is called a term-policy with a (ROP) return on premium rider. It's a $500,000 policy that I got at age 33. I pay about $70.00 a month. I did say it's a free policy, and here's the reason. If I don't die in 30 years, I actually get all the premium I put into my policy back. (Of coarse they don't pay interest, but it's still good.) However, if I do die, then my family gets the $500,000.
I used to be a life insurance agent for about 1 year. I sold variable, whole life, and term. All my co-workers never told the real truth. So whenever you talk to a life insurance agent, be extra careful. Even my co-workers that had ethics, didn't tell the truth. It wasn't because they were lying, it was because their supervisor they trained them didn't tell them the truth. So they were just repeating the same lie the supervisor was telling them.
My company sold Term Policy, Variable Life, and Whole Life. The only one I liked was the one that my company did not sell. That's the term policy with a Return on Premium rider. Here's my reason for hating these 3 policies.
Variable - Tied to much into the stock market. If the stock market does poorly, you are risking losing your account. A life insurance policy is suppose to be a guarantee and not a risk. That's the logic of life insurance, a guarantee amount of money for your family. Another problem is that all agent that I know of try to forecast the stock market at 10 to 12 percent appreciation a year. If you tell your agent to be very conservative, and forecast it at 8%, you'll be very surprised. Actually, I'll be surprised if your agent will show you the results. None of my co-worker ever did.
Whole Life - It's nice because it's a guarantee. However, when you are paying thousands more then a term per month, it's just to expensive.
Term - If you don't die, if feels like such a waste of money.
OPINION - When buying a Term Policy with a return on premium rider, don't worry about the monthly premium. Remember, you will get your premium back anyway if you don't die. Look for the 30 year policy, because that's the most coverage. The main thing you want to look for is a strong company that you know will be around in 30 years. Also, if you decide to get 2 polices. Try to get it from 2 different companys. Just in case one fold, the other one might still be around. Even if a company does fold, it will be guaranteed through some program automatically. However, it's still a hassle. So make sure you look for a reputable company.