Life is precious, but uncertain, which is why we buy life insurance.
The reasons for life insurance may change but the need for life insurance remains and for life insurance to do its job it should last at least 1 day longer than you!
Term Insurance
Often promoted as the best insurance to buy because it is inexpensive, but it depends on your reason for buying life insurance. If it is to cover a mortgage, or to cover a specific period of time, then term life can satisfy that need.
However, when the original term expires and you still need life insurance a new term will be more expensive because you are older. And, if you have significant health issues you may not qualify!
Permanent Insurance
Today permanent life insurance can be guaranteed to last through age 100, even 120. Premium, which is based on gender, age and health at time of issue, remains constant for the life of the policy.
Group Life Insurance.
Many people have life insurance through an employer which starts out at a low rate but increases over the years. The death benefit may also reduce in later years. Consider that insurance as gravy and buy your own life insurance. It is always good to own your life insurance!
Life Insurance Check Up!
If you already have a permanent life insurance policy it is important to know exactly what it is you have and how long it will last especially in view of years of extremely low interest rates. Not all policies are guaranteed to last through age 120 or even 100.
Contact us for a free, no obligation analysis of your current life insurance (or annuity).
Remember, for life insurance to do its job it should last at least one day longer than you!
A Wealth Transfer vehicle
Life insurance is a wonderful way to transfer wealth. It provides an income-tax free death benefit to those you care for, family members and/or your favorite charity. Gender, age and health determines premium.