Resolved Question: Where can I find affordable life insurance for sr citizen in-laws?

Hi Everyone. I just started a new career with the guardian insurance company last week. all I hear about is the debate with whole life verses term and investing the difference. I wanted to find out which one really was better for my clients. i did a little tests using the software that I get from my company which will give you the prices of an insurance policy and and all of the cash values and everything else you would want to know to help find which product is right for your client. here was the test....
i ran the numbers for a 25 year old male, preferred no tobacco rating. i ran these numbers for a guardian level 30 year term policy and a guardian paid up at 99 whole life policy both for a $1,000,000 face amount. here are the results. Results:
the whole life policy costs 8,560 dollars per year. the term costs 1,340 per year. a difference of 7,220$
after the 30 (year 31) year period the whole life policy would have a cash value of $682,203 and a death benefit of $1,834,475. had you invested the 7220 a year for 30 years and got about an 8% a year return (about 6.7% after taxes) you would end up with $689,580 with a death benefit of 0 since your 30 years was up.
term: 689,580 in cash and 0 death benefit.
whole 682,203 cash value and 1,834,475 in death benefit which will increase every year till death as long as premiums are paid.
seems to me the whole life is the better deal as cash is about equal but the death benefit is still there and is very large.
The ending values assmues that dividends will be paid on the policy at the same rate as 2007 dividend rate. those can obviously go up or down and guardian has been paying dividends since 1860.

what do you guys think?? great post insurance guy. you are right. it always depends on the client but at least from my illustration you can see that whole life is a horrible product like most everyone on here says. sometimes it might make sense. from my illustration a 25 year old who does have the cash flow to pay his 8,000 premium and is trying to save for retirement might really be a great fit for this whole life policy. someone who can not afford to put away that much might not be a great choice for my illustration. sorry guys, in my previous response there i wrote that whole life is a horrible insurance product. what i meant to type was that whole life is not a horrible product. To Ronkpaws:
when reading your comment, i cant help but think you did not even read my origional post. your example of the $25 vs 100 premiums, buy term and invest the difference, is the exact illustration I made, just on a larger scale. and you can clearly see the results of my illustration.

Resolved Question: Where can I find affordable life insurance for sr citizen in-laws?

I read a previous thread suggesting MediCare, but I am not talking about HEALTH insurance. They only have term life insurance tied to current job, and they need to retire. They have no burial policy, and each is worried about leaving the other with burial expenses and debts. I have seen a few ads online, but when you get to the fine print, they seem mostly like scams. They probably wouldn't get a very good rating if a health exam were required. Probably $15 -$25K max would be the amount needed. They live in Texas if that matters.

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