Hello,
My husband had a heart attack at the age of 36 last year. It was a trying time, even moreso because we didn't have any life insurance on him. Thankfully he's alright now, but I got life insurance on him as soon as possible afterwards since he's the one who makes most of our income. However, it's been hard to find anything besides Accidental D&D insurance for any significant amount. My grandparents kept telling us Whole Life was the kids to get cause they'd gotten burned with a term life policy running out. So, with some searching I found a company who would issue a whole life policy on him without a medical exam. It's only for $25,000 and it costs $63/month. And it will only pay $1000 the first year and $2000 the second year, So it's not really even worth it til the third year. I had talked to other insurance companies about whole life, and they said they couldn't insure him at all. - However! I went to the website where we have the kids' grow-up plans, and they offer adult term life with AD&D added in. For $37/month I can get him $30,000 Term life and $120,000 AD&D insurance together on a 30 year term.

So, here's my question, knowing his health condition, and age, should I keep the whole life policy (praying he doesn't die before the two year initial period is up), or should I go ahead and get the term policy with slightly more coverage that starts immediately and has the AD&D built in, for almost half price? I know it sounds like an easy answer, but my G-parents really seemed adamant that term life was a waste.

Another question, would it be easier to find him whole life insurance later on, the longer time it's been since his heart attack? Especially if we can show he has regular cardiologist visits and stress tests etc?

Thanks for your time. I wish we'd gotten insurance sooner in life, but never thought we needed it, of course.
Some more info:
two-income family, 4 kids at home, $50,000-$55,000 income

Thanks, Patty

Thank you for your inquiry. I am glad your husband is all right now.

The bottom line is this. Whole life insurance gives you long term financial security. You can see for yourself how unfortunately health can change. Term insurance would give you only short term protection.

Regards,
Steve

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