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

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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.
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