What is the best approach to buying life insurance for a 40+ plus couple?
Answers | 7
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
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.
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.