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What kind of life insurance should we buy for our kids?

We have had a policy on our 17 year old for years, pay about $15 a quarter for it and I think it is some kind of hybrid between term and whole life. We have neglected to buy policies for our sons, 9 and 12 except for the coverage provided as a benefit from my husband's employer;. A nice lady at church put together policies for our boys and they are whole life for $212 a year, or about $20 a month! After our daughter's policy, I had not planned to incur a $40 per month expense. I want to preserve out boy's insurability. Can I do that with cheaper term? http://susilobambangyudhoyono.cn/health-insurance.html

Public Comments

1. Peach care or Peach state. Whichever one that is.
2. Forget whole life, UNLESS you want to create a cash fund for their college or other purpose. It's far, far, more expensive than term. Get term, if you only want burial expenses or last minute health expenses, or term that you can pass on to them, as owner, and they can keep it at the cheap current premiums. If you turn over whole life to them, they will not be able to afford it right away. Agents make a fortune in commission on whole life. Don't succumb to their pressure. Insurance is only for emergency, not planned to use or recover. I knew a man once who had a sibling. He wanted to leave the boy 1 million at twenty one. It cost a fortune, but, that policy was worth 1 million cash value at his age 21. The agent made a killing.
3. If you ever miss a payment with TERM insurance it has to be started all over again. I happen to like the Whole Life because it IS cash on demand eventually and doesn't become null and void if you miss one payment. You have nothing for your money on TERM insurance. If it is paid for monthly or whatever for 50 years, and you miss a payment then, it is all for nothing.