Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


How Much For Term Life Insurance? Compared To Whole Life?

Funeral Insurance, Term Insurance and Burial Insurance

How Much For Term Life Insurance? Compared To Whole Life?

Postby Akanni » Sat Jan 03, 2015 10:22 pm

Oh there's a lot for you to learn about Life Ins.

I'd suggest you call a couple of agent and/or brokers and ask them some questions.

I used to work for an Ins Comp, so I'll try to help.

Typically you can continue a term policy past its term, BUT you must still be eligible for the insurance, you'll have to pass more stringent tests, and they'll re-rate for your new age (47).

One of the questions to ask would be how much does the ins cost for a 47 and 67 yr old? If both those rates are more than the Whole life premium for you now, you might want to consider paying more now to save a lot later.

Also, if you develop a medical condition that precludes you from getting an insurance policy you'l be up a short creek with an even shorter paddle.

Now, one option for you would be to get a term now and in small increments over the next 20 years, convert that policy to a whole life policy.

As for cost, for a 20 yr term for 100k for a 27 yr old, maybe as low as 25 a month for you and 30 for him.
Akanni
 
Posts: 57
Joined: Wed Jan 29, 2014 1:35 am

Previous

Return to Funeral Insurance

 


  • Related topics
    Replies
    Views
    Last post