I get the question almost every day: Permanent
or term life? Universal or term life?
My immediate response is typically the same. I will ask: Do you already have a term life insurance policy? Do you have kids or others that depends on you? If the answers are yes to both of these — the simple response is: Term is fast, simple and easy to evaluate. In the time it takes to evaluate a whole life policy you could have applied for and had temporary term life insurance in place.
What are you waiting for? Without even going into the debate about which is better for who, you can sidestep the whole debate by pointing people towards the need to purchase at least SOME term life insurance
— RIGHT NOW.
You can cancel a term life policy when it comes due. You may be able to replace a term life insurance policy with a better rate another day. If you so choose to purchase a whole life insurance policy, you can either potentially upgrade your term life policy or replace it with a whole new one.
Listen, accidents happen. They rarely happen when you expect them. You should expect and accident at some point. Perhaps the insurance will never be used, but won't it be nice to sleep just a little bit better?