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If anyone here is knowledgeable on life insurance, here is my dilemma...

I am about to replace an existing term policy, with another policy, which is for a higher amount of coverage (about 3x as much face amount), and supposedly at the best rate class for my age (46)...

The new policy is definitely cheaper over the next 20 yrs (I am looking at a 20 yr level premium), but from year 21-33 the premium becomes so astronomical, that I have to consider it as basically a 20 yr policy...unless I convert it to whole life, which is something my agent already brought up...

With my current policy the premium goes up every 5 yrs, and although more costly over the next 20 yrs (adjusted for the difference in face amount), from yrs 21 on, although the premiums are at that point high, they are significantly less than with the new policy so in theory that policy would be more affordable from age 67 on...

So I guess I have 2 issues;

1. Is it a mistake to switch from a policy that, although overall more costly, is more affordable in the later years, allowing me to keep the policy into my 70's, and replace it with a policy cheaper over the next 20 yrs but essentially ending at that time because the premiums become outrageous?

2. I have heard many people strongly advise against whole life insurance for a variety of reasons...should I even consider converting some of the term down the road?

I do have a small whole life policy now, which is just about paying its own premiums after 16 years (when I bought it I was told it would do so in 10 years:rolleyes: )
 
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