Looking to Start a New Life Insurance Policy

Q: I have a dilemma, I am starting a new position the first of the year and my current position pays for my life insurance. I am looking to start a new policy and I do not know what to do. Of course, my agent Metropolitan Life wants me to get a Whole Life policy (same as my husband has). My husband pays $167.00 per month for a $75,000 policy (he also smokes).

I was just reading your articles and I think you are correct, I had no idea about the commission these guys make. I am 41 years old, in perfect health and do not smoke. We also do not have any children.

What do you suggest?

A: If you only expect to keep the insurance until you retire then I don't see a need for whole life and it's extra cost. Instead you can look at 20-30 year term insurance. If you are concerned about becoming uninsurable you can buy term that is convertible to whole life.

Your posted comments on this and other questions are welcome.
If you have a question for Jeff an answer is just a click away.
Find a wealth of information at Jeff's website.