I am not an insurance person. It confuses me and makes me feel silly. My hubby has always dealt with those types of issues and I am thankful for that. I remember talking with our insurance guy as he tried to explain the types of life insurance policies they offered. My mind was spinning, trying to remember the differences between whole life and term life insurance. At some point, my brain shut off and I just let hubby work it all out.
Many people purchase whole life policies because they mature over time. When they reach 65 years of age, they can draw money out or they can continue having the insurance without paying the premium. The policy would be paid in full at that time which allows for these options. Some opt to buy whole life and then when they turn 65, they switch to a term life policy. I'm not sure what the best route is but I do think it's wise for a man to have life insurance. Since I am a SAHM, it makes sense for my hubby to have insurance to cover expenses should something happen to him. Obviously, our church would support us but having the insurance would help pay off our home. That would be a huge burden lifted.
If you are looking into life insurance, shop around and get a term life insurance quote to see if it will fit your budget and your needs. This is just one more way that families can be proactive when it comes to dealing with matters of this magnitude.