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Term Life Insurance is appropriate for people who want life insurance only for a limited term, such as until your children are grown or you reach retirement age.
Term life insurance has become much more affordable in recent years due in part to the fact that people are living longer. A $500,000 term-life policy can now cost as little as $350 a year for 20 years, which is considerably cheaper in comparison to the more than $1,000 a year that it would have cost you in the early 1990s.
Shopping for Insurance
Be sure to stick to companies that get high ratings for financial strength from firms such as A.M. Best Co. Don’t drop your existing policy before you get approval for the new one; the initial premium you are quoted isn’t necessarily the price you’ll be charged once your health is evaluated. Increase your odds of getting a realistic quote by giving the insurance company some of your recent health readings, i.e. blood-pressure, cholesterol, height and weight.
If you bought level-premium term life insurance years ago, you may be able to switch to a new policy with a lower annual cost-and possibly also extend the time period for which the rate is guaranteed.
If you want to extend your coverage and aren’t in good health, you might do better to convert your term policy to a cash-value policy at the same insurer.
How Much is Enough?
If you have young children or own a business, you could need substantial protection. A family is likely to need to replace 10 to 15 years of income if the breadwinner dies. A good rule of thumb is eight to ten times your earnings.
My Trip to LA
This Edition of The Wealth Report Contains:
*Should You Be Investing in the New ROTH 401K?
*An Explanation of Investing in Exotic Investments With Your IRA
*Tips for Teaching Children about Money
*Keeping Financial News in Perspective
*Free 411 Service
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