Do I need both term life insurance and universal life insurance?
My Statefarm rep is suggesting I transfer my 5 year term insurance (which is over at the end of July) to two different life insurances - a 20 year term insurance and a universal life insurance policy - does anyone else have both? I don't see why I can't just get the universal life insurance, since I'll get money back from it later and you get nothing from the term life insurance. I don't necessarily want the universal life insurance because I may be able to get money back on it later - I just want what I'll need in case something happens to my husband or myself while our children are under 18. This may sound like a dumb question, how do I find an independent insurance agent?

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Help with a financial math problem?
A 5 year term insurance policy has an annual premium of $300, and at the end of 5 years, all payments and interest are refunded. What lump-sum deposit is necessary to equal this amount if you assume an interest rate of 10% compounded annually? What formula do I use? a lump sum problem formula like: A=P(1+r/n)^nt or one more like A=m[(1+r/n)nt-1/(r/n)] or m=A(r/n)/(1+r/n)^nt -1 If i know which formula to use I think I can solve the problem. Please help.

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I have a question about insurance?
Janette Raffa has two young children and wants to take out an additional $300,000 of 5-year term insurance. Jeanette is 40 years old. What will be her additional annual premium? In three years, what cash value will she have built up?

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