Of course there's going to be an agent on here who works the employer/payroll market and gets their panties wadded up and will spout off some garbage statistics, but the REAL discussion ought not be over term vs whole life. Instead, the REAL issue is people who don't buy personally-owned insurance because "I've got it at work". When you boil it all down, I don't care if you buy term or whole, just get SOMETHING that you own and control! Seems like I saw a figure many years ago that showed something like .01% of life insurance from work ever paid out. That's not because most of it is junk (it's not), it's because most people quit, get fired, laid off, change jobs, become disabled, retire, etc and lose that coverage. And everybody says, "Yeah, but I can take it with me if I leave". Actually, very little of it allows you to do that, and the little bit that does has to be converted from that cheap group rate to an individual rate at your attained age (and most times the coverage limit also reduces). I oftentimes want to just point blank ask, "When you are telling me all this about your wonderful payroll life insurance, are you genuinely that convinced it is the answer to your life insurance needs, or are you just trying to not buy more from me? Because two minutes ago you couldn't even tell me how much coverage you have."
