Why Whole Life is Necessary

Hi everyone! Long time lurker first time poster. I know there are several schools of thought regarding life insurance – buy term and invest the rest or “be your own bank” using whole/universal insurance (extremes but seem to be the general positions taken). One of the lesser known reasons I see people argue for on here are actually health related – I.e. why it’s called “life insurance”. I personally have pretty terrible family history for cardiovascular conditions so solely buying term policies is great now when I’m young, but when I’m in my 50s and 60s there’s no way I’m going to be insurable without paying an arm and a leg for either types. What I’ve found a reasonable method for myself is having large convertible term policies now by which I can slowly convert to whole over the term period so I don’t lose the life insurance and also benefit over the long term. To me it’s a very healthy medium that combines the aspect of term with the safety of whole. Just my thoughts!

submitted by /u/LACountyResident
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