SUZE ORMAN SAYS
I HATE WHOLE LIFE INSURANCE
I HATE UNIVERSAL LIFE INSURANCE
I HATE VARIABLE LIFE INSURANCE
THE ONLY TYPE I LIKE – FOR THE PURPOSES FOR INSURING YOUR LIFE – IS TERM INSURANCE!

As a life insurance agent I believe that everyone has a specific goal that they want to acheive when purchasing life insurance. If a young couple wants life insurance to cover their mortgage payments, debt, and most importantly want to maintain their life style I would definately say term life insurance is the way to go. Not only will this route be cheaper than whole life insurance but a families needs will change as the kids grow up and their debt (hopefully) diminishes.

Now if someone is 60 years old and does not have any life insurance I would say to go with whole life insurance and more specifically final expense life insurance. At this age the kids are grown up, this person should have minimal debt and their only concern is to pay for their funeral and a few outstanding debts that they have. This would require a low life insurance value such as $10,000-$25,000. I would not recommend term life because at the end of the term of coverage this person would be either uninsurable or would have to pay such a high premium that they would not be able to afford it.