I'm saving $1,200 a year by choosing term over whole life insurance - Business Insider

does not have an expiration date, but the cost of the policy was several times more than a term policy. When we first bought our policy, we were in our twenties with no health conditions, and we qualified for a very low rate, so we decided to purchase a 30-year policy.

Ten years later, we reviewed our finances, and we decided to purchase another inexpensive 30-year policy. We bought two policies for $400,000 each for less than $50 a month. This brings the total of our life insurance to $700,000 each. Both of the policies are still less expensive than the first whole life insurance policy that we looked at.

Any money that we would have spent on a whole life insurance policy has been directed towards our retirement funds. We figure that we are saving at least $1,200 a year in our retirement accounts that, over the course of the next 30 to 40 years,will give us a better rate of return. When deciding how much to spend on our life insurance, we opted to buy policies worth 10 times our yearly salaries. When we bought our second set of policies, we stayed around that same number.

I wanna be like her.

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