What type of life insurance should I look into for myself when I have an older spouse?
I have two children from another marriage and want to be sure they are provided for in case of an accident
Answers | 3
We can replace your husband income by proper insurance planning. You need to see a financial professional to analyze yours and your husband's income, your expenses, and how much you and your husband can afford . It is not only your husband , even you need coverage if you have income or if you are taking care of children, because if something happened to you, your husband would need to hire somebody to take care of children.
If you can ask your doctor to do check up by the phone or by email, you can do your financial analysis by phone or email and find out how much life insurance you need.
1. Does your husband have Permanent coverage? How much and who is the beneficiary? Does he have children? Is he still working or on a fixed income?
2. Do you work or have separate source of income?
3.Do you have any savings or retirement programs?
4. Are there any major health issues that would prohibit you or your husband getting a standard policy?
The ideal situation is for you to both have Coverage. Get as much Permanent type coverage that will build savings account, as well as protection. Then get term insurance to cover balance of need. One way to determine need is formula for human life value. Take your age or your husband's age calculate the number of years you plan to work, subtract the difference, multiply this number by your current income this will equal the amount of life insurance coverage that you need. Now subtract from this number other sources of income that either of you would have upon the death of the other. Once you have this number look at what you budget could afford, then using this number get an agent to find you combination of permanent and term insurance that will match the need with what you can afford. Then reevaluate your circumstances every year to convert as much term to permanent as you can.
Best of luck. And remember ,life insurance is to "Protect those you love from those you Owe". Papa Soob