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Investing in pricey life insurance |
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Question: I'm 36 and make about $130,000 a year. My wife stays at home and cares for our three young boys. For about nine years, we have been paying into a variable universal life insurance policy that has a $250,000 death benefit and a cash value of about $3,000. My agent now wants me to move into an index universal life policy with a death benefit of $500,000, which would increase my payment by $200 a month. I have read that this type of insurance may not be right for my family. What do you recommend? ---Eric, Pleasanton, Calif.
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