0
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?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Can an insurance policy be purchased for power tools?
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.
What is contestability period in life insurance?
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.
What is incontestability clause in life insurance policies?
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.
How do you you secure auto insurance so you can purchase a new car you have only been previously covered on your parent's policy you are 22 years old?
Get quotes on what the new car will cost first? Once the financing is complete go to that insurance company and purchase the policy
What happens if you get into a fender bender accident without insurance in the state of California?
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.
How do you locate a life insurance policy?
how do you lacate a life insurance policy that was with southern life and health insurance company 30 years ago
Home friendly insurance company of Maryland?
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
Which age group has life insurance?
A life insurance policy can be had from 0 age (child policy) to a person of maximum 65 years (pension policy).
What are some companies that will allow a senior to purchase life insurance from them?
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.
Can you carry motorcycle insurance for only half the year?
Yes, I would just purchase a 6 month policy if you only need a half years coverage.
Is term life insurance a permanent policy for which you pay a specified premium each year?
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.
What kind of insurance is needed for body piercing?
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.
