John and Jessica have been married for seven years and have two small children. John has a good job and his income has allowed Jessica to stay at home with the children. Recently, they have been considering taking out a life insurance policy on John. Advise John and Jessica about the type of life insurance policy that would be best given their circumstances
What will be an ideal response?
Although cash value or whole-life insurance is considerably more expensive than term insurance, the policy builds savings, or a cash value that in recent years has paid a high return. The couple would have to assess whether they can afford the higher premiums. Whatever policy they choose should be one that would cover the economic loss that would occur at an early death.
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