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Life Insurance — Still Need it?

By Terry Savage on January 22, 2016 | Insurance

My husband is 52 and his term life ends in April. At this point in his/our lives… should he get term life or whole life? I’m confused…

Terry Says:  Ask yourself:  What happens to me if he dies in the next 20 years?   The life insurance is not for him!  It’s for you, and your children, if you have dependent children.  Would you be able to make it on your own based on your income, and any assets or retirement savings he might leave to you?   Or would it be a stretch even to find money for a burial, much less maintain a mortgage payment?  Thinking about those issues will help you to understand the need for life insurance — and how much.  (And by the way, if you’re working and contributing to the household income, should you have life insurance on your life so he can maintain his standard of living?)

If he is in good health,  he can likely qualify for another 20-year term policy at favorable rates.  However, that policy will expire at age 72.  Look forward to imagine whether you would still need life insurance proceeds at that stage of life, given your retirement savings and Social Security.  If you think a life policy would be important, then this is the time to consider a “cash value” policy that will cost a bit more — but last longer.  I recommend AccuQuote.com or calling them at 800-442-9899.  (By the way, I am NEVER paid to endorse ANYTHING!  I just direct you to website and companies that I feel strongly will provide you with competent advice and products that you can trust.)



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