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Kim Y | Which of two Life Insurance Policys should I keep; which to discard? |
I currently hold two life insurance policies on myself. They are both for the same amount, here are the differences:
Policy #1 costs $68 per month.
It is WHOLE Life, 20 yrs, with Cash Value built in.
Policy #2 costs $53 per month.
It is TERM life, 30 yrs, with no cash value.
I have been paying on both policys just a pinch over 1 year each.
I am 50 yrs old. I will work as long as able, since I will never really be able to afford retirement. I have no home, therefore no equity. The only asset I have is an IRA CD of $35k. My only dependent is my hubby, who is 100% disabled. He receives SSDI which is barely enough for him alone. No kids. No pets.
I need to add money to my budget so that I can purchase WHOLE Life Insurance for my hubby, as it is a rare policy I found that will accomodate persons Post-Stroke.
Why policys? assist surviving spouse w/funds to get home, pay debts, assist w/expenses in general.
Questions? Post in your answer; will review.
072208 8:35 |
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duffmanasu
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Definitely the whole life. It sound like you have a 20-pay life, which means you pay for 20 years and then you keep the policy for the rest of your life. With the 30 year term, you'll probably lose the policy after the 30 years are over, or your rates will sky rocket and you'll lose it at age 85, plus you'll have no cash value.
The benefit of the whole life policy is that you'll be able to keep it for the rest of your life and while you're paying the premium, you still have access to the cash value through loans and withdrawls.
As far as the Return of Premium Term that somebody else mentioned, those are nice policies but are better for people in specific situations, not necessarily yours. I wouldn't consider that policy for a few reasons:
You wouldn't have a cash value, so if you ever need a loan from the policy, you're out of luck. It's more expensive monthly. At the end of the 30 year term, you either get $25k back or you get a $40k policy? How is that better than keeping your full death beneifit you have with your whole life policy? With your whole life policy, you'll be paying for 20 years but have the death benefit forever, not a reduced amount. It's nonsense unless his quote is giving you a much higher death benefit than you currently have with your whole life policy.
Keep your whole life and buy your husband's life insurance policy. |
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The Advocate
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At 50, probably to keep the whole life if the benefit amount meets your needs at final. |
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Vipin K
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it is better go with policy no -1 with the cost of $68 |
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tramos6
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You stated they are both the same amount. There is only $15 difference.
I would definetly keep the whole life with the cash value. Once the term is done, it is done. Heaven for bid, you pass the day after it expires, well....what bad luck!
Definetly keep the whole life! You will have options with it in the future if necessary. |
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Insurance Pickle.com
 |
I'm assuming you got about $250,000 term and $100,000 whole life...maybe $75,000. Or I should say you should have at least gotten that much if you are in good health.
Assuming very good health (and going by the facts presented) I'd recommend you consider getting a $250k 30 year return of premium policy. That'd cost about $72/month. At the end of the 30 years you'd either get $25,000 in cash back or you could probably take (shooting from the hip) a $40,000 life insurance policy that you could keep forever (with no further premiums due).
That may solve your issue because you've essentially combined the policies to cover both needs...higher death benefit now with an option to continue a lower death benefit for the remainder of your life.
Just a thought. You can use the tool on my site to quote different companies, plans, and scenarios....it requires no personal information other than a date of birth to use.
Nonetheless a higher death benefit seems to be more immediately important to your husband should you not be around to work and earn the money. So, if a new, better policy was an option then opt for the term.
http://insurancepickle.com/life-insurance/ |
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Amomtoo
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I would get rid of the term life and keep the whole. |
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Asset Management
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I would have an Financial Needs Assessment Done. It is like a road map with all your financial information layed out to show you what it really looks like and includes a suggestion page for ways to clear up spending and get the most for your retirement.
There are many companies that do these FNA's. They cost between 500-5,000. Primerica Financial Services offers a Free,No Obligation, Custom Financial Needs Analysis to everyone. They take the time to go over your policies and tell you what they really mean. They do not try to sell you anything, just make suggestions that would help you.
I can not imagine both policies being of the same amount and the term not being half the price? Would love to know what insurance company you are using. |
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jimmer j
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If it were me, I would probably stay with the whole life. Just make sure that there is enough there to cover your debt and final expenses. One thing you might consider to get some extra coverage is a double indemnity. With the double indemnity, if you die as the result of an accident, it will double your death benefit. It is usually available on the whole life policies as a rider, and usually only runs a few bucks a month higher. Good Luck!!! |
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