What is the best approach to buying life insurance for a 40+ plus couple?
As an agent who specializes in people approaching Medicare and older, I can tell you that it is your health that will determine what you can get for life insurance. Beyond that, consider insurance for covering existing debt, income that would be lost by earnings (wages, pensions), final expenses (burial), and passing on an estate. Then you can shop for the most affordable options. As an independent agent, I shop for you searching for favorable rates from dozens of companies. Contact me for more information suited to your particular situation. | 09.01.15 @ 15:54
You should contact a broker that has access to dozens of carriers. This way they have access to all the plans instead of being forced to sell you a plan not knowing that there are better ones available from other carriers. We have access to almost every carrier in every state, which allows us to act almost as a consultant although in the end we are "selling" a particular plan. | 09.01.15 @ 19:51
I would recommend a blend with living benefits at this age. If you haven't prepared for retirement then the blend would work well - most likely you are buying a home and need life protection on the balance owed and any other debt. Then at 50 you could start on your long term care. With this in place if you get sick you would be covered three different ways and would not have to touch your retirement income.
I see this all the time and it is sad. I agree with Dan make sure you consult with an agent that has more than one option and your best interest at heart and not just making a sale. If I can be of any help please let me know we have all these products in place and are ready to help | 09.01.15 @ 21:34
Steffanie, Great question.
Forget finding an agent or company to work with for a minute. The answer starts with understanding why you want or need life insurance.
Are you looking for a term policy to cover you for the next 20 years while you pay off your mortgage? Are you looking for a policy with long term care benefits to help with future medical care? Are you looking for a policy to hold inside of your insurance trust to cover the $5,000,000 estate tax that would be due immediately to the IRS if you pass away? Are you looking to use life insurance to build cash value to supplement retirement income on a tax free basis?
You see, some advisors are great at one area or another. For instance, if you're looking for a cheapo term insurance policy... Well you can get that from pretty much anyone.
If you're looking for a policy with long term care benefits, you want an advisor who specializes in that. You would NOT want to work with an advisor who still believes that "buy term & invest the difference" works. (By the way, University of Pennsylvania's Wharton School of Business proved that it NEVER works!)
If you're looking to build long term cash value, you want to work with someone who knows infinite banking or bank on yourself methods and works with the best whole life companies.
Want to protect your estate or have a simple long term death benefit, then you want someone who can find the best guaranteed universal life policies.
Of course, there are other examples beyond these.
The key is that, depending on what you're looking to do will determine what type of agent or advisor you work with. For example: of the 4 examples I gave above, I can only personally help you with 3 of them. Now, I'm licensed and can sell any insurance product. I just don't. I know when there's a topic that I'm not familiar with.
Any agent that tells you they can and do sell everything can't possibly be serving their clients well. How is it possible to know everything about every topic? I suggest that it's not.
Ultimately, work with an advisor who is independent and can sell products across a wide range of companies. Typically, you should interview 2 or 3 to determine the best fit for you. If you're anything like me, you'll pick the first one who treats you right.
I hope this has helped and added to the conversation.
Please let me know if I can be of any help or if you have any questions.
| 09.01.15 @ 22:04
Hi Steffanie, I suggest you reach out to an agent in your community. Usually a recommendation from a family member or close friend is a good starting point. Moneytips is also an option too. A great agent will listen, educate, and give you options,
Darius | 02.07.16 @ 01:03
The best approach for a couple 40+ year olds to purchase life insurance is the same for any age. Look at all your options as each has a pro and con side and after looking through each, make your decision based on what you've reviewed. You may be best served by an independent agent who can show you a variety of options. That said a career agent from a quality company could be considered as well. The big thing is ask questions on everything you're not certain of. Avoid agents who do sales tracts or sales pitches. Whomever you work with should be able to answer your questions in a way you understand. | 03.08.16 @ 06:31
You're going to love this answer, but it all depends on your current financial situation!
Do you own a home? If so, is it paid off? If not, do you plan to pay it off?
Are you both working?
Do you have any children? If so, how old?
Are your children in college? If so, are they paying for it, or are you?
Do you have any outstanding debt?
Do you see yourself taking care of elderly parents in the future (5-10 years)?
The list goes on and on... Like many things in life, there is no "blanket" answer. I hope this helps! Feel free to email me with any further questions. | 04.11.16 @ 23:02