I think a level term or a return of premium policy is better to cover a mortgage than "motgage life," which is a decreasing term policy.
There are times when a perment life insurance policy (whole life, universal life, etc) makes perfect sense.
John, not to sound morbid, but I would not want to be sitting around waiting for someone to die so I could collect money. Depending on the age and health, a permanent policy can get pretty expensive.
On the other hand, if you are in an inheritance situation where the estate is cash poor (family land or farm) or large estate where estate taxes are going to be a probem (estate over $5 million), then a permanent policy would work. Normally you would set both of those situations up in an irrevocable insurance trust.
For discussion's sake in this thread, I would be more than happy to run some numbers and post them up here so other people might understand how different types of life insurance works, pros and cons of different policies and how they might fit into a person's financial plan.
Not trying to sell anything here, just trying to educate like our Jedi Master.
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