What type of insurance policy should I get that will not expire in 20 years? Should I consider Term Life?

I am 61 and I would like to find a Policy that I could keep and not need to start over after 20 Years should I live that long.

Asked by Wanda Langley

4 Answers

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Answered by Jed Maslowski, Insurance Agent in Scottsdale, AZ
Hi Wanda,

Ironically, I am working on a very similar case as we speak! Short Answer: All depends on your budget and how much coverage you need.

If you want the same amount of coverage (ie. $100,000) for the rest of your life, and you can afford the premiums, then something like a Whole Life or Universal Life policy would probably best suit your needs.

If, however, you see your life insurance needs DECREASING after those first 20 years, then there are a handful of fantastic programs that will keep your premiums the same, but will slowly start to reduce your death benefit after the 20 years have expired. This also holds true for 10-year Term and 15-year Term policies.

Regards! | 07.29.16 @ 21:09
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
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Answered by Wanda Langley
Thank you, I really only would like enough to put away so that anything else that I have left would go to my adult children and grandchildren. | 07.29.16 @ 22:20
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
Answered by Jed Maslowski, Insurance Agent in Scottsdale, AZ
Perfect. And now the question is: How much is enough? And how much would you like to go to your children and grandchildren? This is only a number that you can determine, and it's different for everyone. If you need help figuring out "how much" is enough, feel free to use our website's quick income planning worksheet link: http://www.mazips.com/income-planning-worksheet.html

It's also worth noting that, in many cases, your current health will determine how much your insurance will cost. As a rule of thumb: Healthy = less expensive. Unhealthy = more expensive. | 08.01.16 @ 15:43
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
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Answered by Wanda Langley
Thank you for the info, I will check it out. | 08.01.16 @ 16:58
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 00:44
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