We are looking into new life insurance. My husband is 46 and I am 43. What are the best options for us?
Depends on how long you want the coverage? | 04.25.16 @ 18:29
For your age bracket most of my clients are purchasing a combination of permanent insurance and term. Term gives you the best bang for your dollar to protect your high value assets (home, spouse income, etc.). Purchasing the permanent insurance while it is still affordable allows you to put it in place for any final miscellaneous expenses upon death (usually at an older age). Unless you plan for these long-term expense needs now, the outcome will be very expensive should you outlive the term coverage that many consumers mistakenly assumes satisfies all their life insurance needs. | 04.26.16 @ 19:15
We suggest determining the purpose of the insurance and what role it will play in your overall financial plan. Then seek out guidance from an independent insurance broker who can shop with all the top-rated carriers to find the policy that is most suitable to your budget, needs, and objectives. For a good place to start and compare pricing without having to provide personal information within seconds, feel free to contact me through my profile. | 04.26.16 @ 19:18
The best answer is to look at all your coverage options wisely and learn about each of them. You can then make an educated decision about the coverage you want to go with. There is a pro and con to each type of coverage. Find an agent who will be patient with you and go over your options and answer your questions. While you don't have to become an expert, you should try to understand a basic knowledge of each type. There is no such thing really as bad insurance, there are however many bad applications of unsuitable plans to people's needs. | 04.26.16 @ 19:19
Well, the first question I would ask is what is it for? Then let's find out which products most fit your need and what you can afford. Greg | 04.26.16 @ 19:29
You will want to take into consideration the purpose for the insurance. Do you want to just protect your current liabilities or protect your income as well? Budget will also play a factor in the discussion as permanent insurance costs more, but it will build cash value if funded properly.
Term insurance is great for protecting the majority of your needs for cost purposes, and permanent can be used for final expenses and/or future estate transfers if those are your goals. The cash value can also be used in the long run if need be.
Start by adding up your liabilities, asking yourself how much income would you each want to provide the other spouse and then determine a budget.
Hope that helps! | 04.26.16 @ 19:34
The best option depends on your needs and wants. Needs will determine a certain amount of coverage and can easily be satisfied by term insurance for a specific period of time. Wants will give you a lot more benefits including a potential retirement benefit plan through utilization of the cash value inside a permanent plan. | 04.26.16 @ 19:58
That is not as simple a question as it sounds. It will depend on your family situation and the reasons you want it not to mention your health. To answer your question more information would be needed. If you can provide that, I could give you a better idea. Lynne | 04.26.16 @ 20:16
I need more information, how long is the coverage for, etc. | 04.27.16 @ 19:10