dhodson wrote:the death benefit would be worth 10k so if the person dies then the statement is accurate. Otherwise not likely so.
I believe the situation is that she can buy a 10 year (or longer) term life plan which pays death benefit only should he die within the term period and this premium should be very, very inexpensive (need to shop around) and cost will not change during the term. At any time during the term he will be able to convert to a permanent plan which will pay out at death and will (from the conversion date only) gain cash value from that point on. He will then pay the prevailing rate depending on his age for a permanent plan (much more especially the older he gets) however he will not be rated up or declined based on his medical condition at the time he converts.
As the earlier poster suggests - $10k for 10 years - why bother! - however for a young person a 25 or 30 year term life for $500k or more makes a lot of sense as the likehood of getting married and supporting a family is significant and the cost is still relatively low and will not increase during the term. As an example $100k death benefit for 30 years for a non smoker in good health should cost somewhere around $13 a month.
At age 50 to 60 the kids should be independant, his investments should be significant (if he follows the advice of this blog) and his need for life insurance is over - the cash value of a permanent plan builds way less that if the premium were wisely invested so unless he needs it for estate planning purposes the term life should be all he needs to do.
Hope this helps.