 Hi everybody, my neighbours are stopping the workmen repairing my chimney because the structure they are using |
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Candi | Life insurance at 54? |
My husband nor I have any life insurance; he is a heavy haul driver and I am a home maker. Both in pretty good health. I am so confused when I try to research which one would be the best option for us to get. No young children, no retirment saved, just got married one year ago....need some help!
Thx, Candi |
 |
 
justagrandma
|
You need term insurance. This will go up every year but you can get more coverage for less money than trying to get whole life. That's the one you supposedly can borrow against but at your age you aren't going to have much to put in anyway. Term is the way to go.
You need enough to cover at least burial costs any debt, like cars or mortgage, and a minimum of one years living expenses. We calculated ours until our pension and social security kick in. That is the better way.
You can research the cheapest offers on line, for say, $250,000 its in the neighborhood of three thousand dollars a year. If your husband has life insurance where he works make sure you are his beneficiary. Do the rest of the paperwork too in terms of wills and ssi beneficiaries. |
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Marcus
|
Well you have got enough replies already but if all you are looking for is good value insurance the the best way would be through a comparison site, fill in the one form, get many quotes, see what suits you best. It saves plenty of time.
Here's a good one , it's free.
http://4ym8.com/CompareInsurance.html
these are all the main American insurers competing to get your business so you are bound to find something that suits you, if it works out remember my points please :) |
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Charlie Babbage
|
Are you in the UK or elsewhere?
If you're in the UK it would be advisable to see an Independent Financial Adviser who can give you unbiased advice. The type of policy you need may depend on several different factors. |
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burt
 |
Term life, and I found interesting information about your answer here. Goodhttp://all-insurance-online.blogspot.com/2007/08/life-insurance.html Good luck! |
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LifeInsuranceAgent
 |
If you are just looking to provide coverage for things such as mortgage, or to provide income to you in event of his death, term insurance will most likely be your best bet as it will give you the coverage you need at the lowest possible cost.
Insurance is not the best vehicle for retirement savings, unless you have already gone through the maximum contributions to other investments like 401k, etc. |
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fluke
|
TERM life insurance. It is cheap and good. |
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Mark S
 |
First question: Why do you feel you need it, now, as compared with yesterday? What do you want to achieve with the insurance? No kids, so you don't have to think of their education and monthly expenses are less without them.
So, that leaves us with: Do you want to pay off your mortgage? Do you want ALL consumer debt paid? How much per month will you need if hubbie dies and how much will he need if you die? Do you want your funeral taken care of?
These questions need answers. These are what will determine how much you need. No retirement saved, do you have a plan to begin, now? Have you sat down with anyone to take a look at your complete financial picture? Before any plan is done for you this NEEDS to be done. You will see where you are at and a plan can be put in place for where you want to go to.
Next you need to decide between term and whole life.
Whole life means what it says, coverage for the whole of your life. There are two parts to it: cost of insurance(which happens to be term) and savings. There are five rules to Cash value insurance: 1) In first two years you have no cash value- it is all eaten up by fees and commission to agent. 2) When it does begin to earn interest it is only at 1-4%- fees and everything. 3) You can take money out of cash value BUT you will pay interest back to the company in the range of 6-8%. Thought this was your money, but if you pay them is it really yours? 4) Better plan your emergencies, you will wait up to 6 months to get your money from the company. 5) Your family chooses face amount of policy OR cash value. You can pay extra for them to get both.
Term is just what it says it is- temporary insurance. You said you have nothing for retirement. You need some protection, but on for enought ime to build up a retirement account. Once this is in place, and there is enough for retirement, funeral you can lower the amount you need or do away with it altogether. Once financially secure, there is no more reason for insurance- that is why it is temporary. You can get max coverage without breaking your bank. |
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dtravelbiz
|
Invest money, or purchase life insurance. |
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aaron p
|
I would meet with a financial planner about this because you not only need life insurance, you need to start putting some serious cash away for retirement. A financial planner should have all the faculties to help you with both problems and help you see the whole picture. Oh, and be careful how much "free advice" might cost you down the road. |
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mbrcatz
|
Well, what's the POINT of the life insurance? What's the GOAL? FIRST you need to establish the goal, THEN you need to figure out the most cost effective way of acheiving the goal.
At your ages, insurance *might* not be the most cost effective way of acheiving the goal, depending on what it is - the older you are, the shorter the odds, until you're actually paying more for the policy than you'd get out. Remember, insurance companies are in it to make a PROFIT.
Sit down with the guy that does your car insurance and your house insurance - ask him for a referral if he doesn't do life insurance himself. He can help you with the goals, and compare products and prices. |
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