Should Keep or Look into term Life Insurance Quotes?

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I have a whole life policy which I have been paying 45.00 per month for 16 yrs. I have to pay this amount until age 99 so they say. The amount it was for when I bought it was 50,000. It builds cash value. I am now 62. Should I keep this policy or look into term insurance?

  1. Reply
    June 30, 2011 at 5:14 pm

    We have no idea. What’s the GOAL of the insurance policy?

    At 62, I’m assuming you have no minor children. If you have enough assets that your estate can pay for your funeral and cover your debts, why do you have insurance in the first place?

    You need to define the exact GOAL the the insurance is to acheive, and THEN decide which policy meets that goal best. That includes, deciding how LONG you want to keep life insurance. If you never see a time when you don’t need it, then whole life is the one to have.

    Having said that, whenever you are shopping out for new insurance, or comparing prices, you do NOT want to let your current policy lapse, until your NEW policy is already in place – you might not even QUALIFY for life insurance now! There’s no way to know, until you have the policy in your hands.

    So. Define your goals. Select the tool. Comparison shop, and don’t cancel the old policy, unless you have already replaced it, or have decided you don’t need life insurance.

  2. Reply
    June 30, 2011 at 5:29 pm

    At age 62 that is not an easy choice. That decision would partly be based on your health condition.

    I don’t recommend whole life policies, but when you have had it as long as you have it is usually not a good idea to switch. So, be careful in this decision. Usually it is not in the customers best interest to change policies. There are strict government laws for insurance agents to follow when a customer changes policies.
    One of them is the insurance company has to notify the other company that their policy is being replaced.

    It is usually not a good idea to switch policies. You need to sit down with an insurance agent to review the current policy. However, most agents just want a sale and may not do what is best for you. So, my suggestion is to keep what you have.

  3. Reply
    Richard Man U
    June 30, 2011 at 6:01 pm

    Hi Gerard
    You have to decide how much insurance you want to have first. And how long you want it for. Now that you are 62, the price of term insurance is getting higher. You can still get 20 year term insurance of probably 100,000 or more for 45.00 a month. You could get 200,000 probably of 10 year term insurance for the same 45.00 a month. But If you need that 50k or 100k or whatever in 11 years and it stopped at 10 years, what good was it? Term insurance is always cheaper because the insurance companies have small chance of paying a death claim on a term policy. The average term policy stays in force for 7 years before people cancel it or let it lapse. So thats why term insurance is cheap. The insurance is betting the policy will lapse before they have to pay any claims. If you think about getting a 10 year term policy for 50k and if you don’t die, well I’ll just get another one at 72. Remember you have to PROVE insurability each time, if you have or had cancer during the first 10 year policy, you will NEVER get another GOOD policy again. Thats the end of your life insurance. So you have to make some choices.
    If you want more information,You can refer to this blog which show you an article about Affordable Term Life Insurance Quote and Term Life Insurance Quote :

    Affordable Term Life Insurance Quote Online:

    How to get The Best Term Life Insurance Quote ARTICLE

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    Hope that helps, post back if need be- regards- Richard Man U

  4. Reply
    June 30, 2011 at 6:32 pm – you can try this company. My parents have their life insurance.

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