Life Insurance

If you and your wife are 27 years old and looking to purchase term life insurance do you need a 20 or 30 year policy?


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2015-07-15 18:59:23
2015-07-15 18:59:23

It depends on WHY you want the coverage.

Do you have children? How old are they?

What about your Mortagage?

Do you have Estate Tax Issues?

Who will be financially impacted by your death? For how long?

If you buy a 30 year policy - you can let it cancel anytime a premium is due.

Do you think term is cheaper that whole life? Term is sunk cost. Ask an agent for advice.

It depends on how long you expect to be earning. Some people invest financially in such a way that they have enough to cover them for an early retirement. In 20 years, you would both be 47, which is too early to retire. If you take a 30 year term policy, you would be 57 which would be more close to retirement age. Since life expectancies are increasing, you may want to extend your life coverage for a few more years. I would recommend that you take a term life policy that gives you renewability privileges at the end of the term. This way you have the option to renew your term policy without having to prove insurability. The premiums may go up, but it will still be cheaper than if you were to apply for a fresh term life policy.


Related Questions

The Contestability Period in a life insurance policy is usually two years. You can find this by looking at the "Incontestable Clause" in your life insurance policy The Incontestable Clause states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.

Insurance policies can be purchased for powertools. They are very costly to purchase for the product. After 85 years of age, then the policy becomes ineffective.

You can find this by looking at the "Incontestable Clause" in your life insurance policy. The "Incontestable Clause" states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.

Get quotes on what the new car will cost first? Once the financing is complete go to that insurance company and purchase the policy

how do you lacate a life insurance policy that was with southern life and health insurance company 30 years ago

You can lose your license if you were at fault. If you were not at fault you would be required to purchase insurace with the SR-55 form. This means you will pay higher insurance and will have to do so for three years. (The rules may have changed over the years.) After you have had 3 years of no accidents and no lapses in insurance then you would get another form from the DMV and you could purchase a lower cost policy. In California you can purchase liablity only insurance.

A life insurance policy can be had from 0 age (child policy) to a person of maximum 65 years (pension policy).

my mom and dad has a home friendly life insurance policy and it is about 45 years old and i was told home benifical purchase these policies i need to know this

A few companies that will allow seniors to purchase life insurance from them include Dollar Globe Insurance, Colonial Penn, and Metlife. These companies have plans for Seniors fifty years and older which may match what you are looking for.

Yes, I would just purchase a 6 month policy if you only need a half years coverage.

Term insurance is NOT permanent! As the name suggests, the policy is designed to protect for a specific term or number of years. Rates are fixed for a certain number of years selected at policy purchase time. Before the policy expiration, the policy owner has the option to convert the policy to a permanent coverage if insurance is still needed, or let it lapse and stop paying premiums. Some term insurance has a return of premium clause, which allows that premiums be returned and can be used to buy a paid up permanent policy, for a lower benefit amount, without any underwriting. Not all companies have the option to convert to a permanent life insurance policy. Ask for a convertible term life insurance policy when you're looking for term insurance, just in case you may still need the coverage beyond the initial term period. ANOTHER EXPLANATION: No, term life insurance is not a permanent policy. That word applies only to whole life insurance. In term insurance, premiums are fixed for a certain number of years selected at the time of application. One of the choices is usually a level premium for a fixed period of years. The thing to understand about term insurance is that premiums increase with age, unless the level premium option is selected. Even then, the premiums remain level only for a fixed period of time, for example, 20 years.

The Incontestable Clause in a life insurance policy states that after the policy is In Force two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.

Depending on the benefits schedule on your disability insurance policy. A short-term disability policy can pay from 3 months to 24 months benefit period, and long-term disability policies have benefit periods from 24 months to 5 years, 10 years or to age 65, 67 or 70. You choose the benefit period when you purchase the disability insurance policy, through your employer or individually.

Buy a piercing-specific policy. Assuming you have a store, it will cover inventory, lost wages, etc. You can't buy a policy for body piercing unless you have several years of verifiable experiance, then you still will not be able to purchase malpractice insurance.

It depends on what type of policy you get. Term life insurance is a limited policy which you retain for a specified number of years. Whole life insurance is a policy that covers you for life. There are pluses and minuses for each. Term life rates can go up yearly but the cost at first purchase is much lower than whole life. For more information, talk to your agent

In pension Policy, a specified amount is provided to the annuitant, and the purchase value is returned to the nominee on death of the annuitant.

Life Insurance Companies do not cover suicide, subject to the "Suicide Clause" limitation in all life insurance policies. The suicide clause stats that no death payment will be made if an insured commits suicide within the first two years (one year in Colorado) that the policy is in force. This clause protects the insurance company against adverse selection - the purchase of a life isnurance policy in contemplation of a planned death in order for the beneficiary of the life insurance policy to collect the life insurance proceeds.

If he is showing as the beneficiary on your policy - yes. You can call the insurance company or your agent to change the beneficiary.

An insurance policy gets lapsed after a period of 5 years' of non payment. Visit the Insurance Co's website,ask for status by citing your insurance policy number and you will be intimated accordingly whether the same is still alive or dead.

this life insurance policy has premium payment for a set number or years....

Contact either the agent or the insurance company's claims department to get a claim for for a policy you've had for twenty years.

A graded benefit life insurance plan is offered when the customer has an extensive health issues history. The difference between the graded life insurance and the level life insurance policy is that graded plan will pay less than the face amount of the policy in the first two policy years if the insured dies before the third policy year. Usually in the first two policy years the benefit paid equals the amount of insurance premiums paid plus a %.

In most states, policies include a suicide exclusions for the first two years of the policy. I will look at your policy and call the insurance company.

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