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I'm about to turn 50, in great health and recently married - what's my best choice for life insurance? |
I'm about to turn 50, in great health and recently married - what's my best choice for life insurance? I suggest buying a 20 year term. Its cost effective and you can buy lots of coverage for low amount of premium. Since premiums are low, it gives you room to invest your money in a saving plan of your choice (whether its IRAs, 401k, etc). Then you want to add a spouse rider to the policy. That way you and your spouse won't be paying for another policy if you were to buy them separate. Each policy cost about $100/year. If you were to die, your beneficiary will get death benefit plus your investments. Source(s): 231 Join the "Knights of Columbus" believe it or not personal experience My husband is 57 and I'm 46 and we got insurance through AARP, I got it because he was old enough and there is no exam. there are lots of options. if you ask at your bank, many banks have specialized insurance representatives (they are licensed) and they can explain your options. www.suntrust.com You don't say if you are male or female, but on the assumption of male, I'd say 20 or 30 year term. Life insurance is not meant to be an inheritance, it is to help cover expenses if you die too young. By the time you're 70-80 years old, you aren't going to have anyone left to be supporting. If you were a little younger I'd recommend some type of flexible universal whole life which can also help to provide cash on the chance you go the other way and live too long, but its probably getting cost-prohibitive at this point (no offense- I'm not a spring or even a summer chicken myself). It will probably be more affordable if you are female. Talk to a REPUTABLE agent in your area. Don't go with "Insurance.com" or "800-INSURANCE" type policies. The whole thing you're paying for with insurance is service- make sure you get it. |
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