Asked by Shannon  |  Submitted August 08, 2016

My mother in law is 66 and does not have life insurance, what type would you recommend for her?

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  Answers  |  2

August 08, 2016

Hello Shannon.

First, there are questions before answers (you may have noticed that with life insurance, any stock answer that does not address the specific situation that exists is likely an off target answer). Is the need temporary or permanent. Let's assume - since there is limited info - that she is looking for a small death benefit for last expenses like burial or cremation. Permanent coverage (not term) would guarantee a death benefit since permanent plans can be built to go to age 121. The face amount may be small; under 50K. The least expensive way to get this to happen is with Universal Life. Whole Life may also do it, but will be more expensive. Most consumers use the therm Whole Life to point to any permanent (not term) coverage, but the most accurate phrasing is "permanent coverage" so that you get all the possible permanent plans included in the explanation so that choices aren't limited.

Worthy of note: sometimes, an internet search will reveal info about plans, but that is also the best way to be inundated with too much info that can result in analysis paralysis. Once you have done your research, you may want a human to pull it all together so that a human can do what we excel at, which is to make practical sense of information, using comparison and contrast to arrive at the critical "ahaaa" moment..

Hope that helps! Call anytime.

$commenter.renderDisplayableName() | 08.18.17 @ 11:04

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August 08, 2016

First question, why does she need life insurance? Is there some one in her life that depends on her income? If the answer is no then she probably does not need life insurance. If she is concerned about death costs she can take the money she would spend on insurance and put it in the bank for a "death" fund.

$commenter.renderDisplayableName() | 08.18.17 @ 11:04

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