Brent D. Gardner, CLU, ChFC

"Life insurance ought to be sold by well-trained, permanent full-time agents with a primary concern for their clients."

"The premium for term insurance is initially relatively low [when compared to the premium for a whole life policy with an equivalent amount of insurance in force], despite the fact that it contains a relatively high expense loading and an allowance for adverse selection... . Whether the policy is on the yearly renewable term plan or a longer-term basis, there is likely to be strong selection against the company at time of renewal, and this selection will become greater as the age of the insured -- and hence, the renewal premium -- increases. Resistance to increasing premiums will cause many of those who remain in good health to fail to renew each time a premium increase takes effect, while those in poor health will tend to take advantage of the right of renewal. As time goes on, the mortality experience among the surviving policyowners will become increasingly unfavorable... . As a result, each dollar of protection on the term basis tends to cost middle-aged or older policyowners more than under any other type of contract."

Dan M. McGill, Ph.D., (1919-2013) chairman of the University of Pennsylvania's Wharton School of Finance, author of Fundamentals of Private Pensions, Preservation of Pension Benefit Rights, McGill's Life Insurance, and McGill's Legal Aspects of Life Insurance.