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7 Responses to “Life Insurance. Which type is best to choose ? I don’t know what the type I’m looking for is called?”

1. Turners Tips says:

   July 27, 2010 at 10:50 pm

   This is a good question. 61 is still pretty young and if you don’t smoke you will still get rather good rates. You do need to be thinking about what products you want and why.

   Term insurance is for a certain time period and will renew at higher rates at the end of each term. If you do pick this one then try and find one that has a guaranteed renewal option so that a new health condition would not block your acceptability. Term is usually cheaper then a whole live plan.

   Whole life implies that the insurance is for your whole life and you can take it up to age 99 if you wish. The payments are usually a bit higher because unless you choose to cancel this policy then you have it no matter what. The price stays the same.

   I would strongly suggest that you consider talking to a financial planner. Ask around to see if some of your friends are using someone that they would recommend. You are reaching an age where the decisions you make are going to have a great impact on the rest of your life as possible retirement is not far away.

   A financial planner has a background in life insurance but has taken further education for the areas that you need to address. A life insurance person may not be a financial planner.

   Good luck!
2. StephenWeinstein says:

   July 27, 2010 at 11:17 pm

   If you want to pay the same cost every year, for as long as you live, then it is called whole life.

   If you want to pay less at first, but more in later years, then it is called guaranteed renewable term life.
3. Insurance Pickle.com says:

   July 27, 2010 at 11:35 pm

   You want a whole life insurance policy. Just don’t stick your name into a site that doesn’t have a physical address in their ‘about us’ section and you can avoid the boat loads of calls. With no health exam you’d pay about $55/month and over time the death benefit should grow a little as well. I have a link to information on a no-exam policy on my site.
4. J says:

   July 28, 2010 at 12:02 am

   For you the best product is Whole Life (probably paid up at 85 so you won’t pay for life). Whole Life is more expensive than Term Insurance because the company charges more than term during the beginning of the coverage so they don’t have to raise the premium as you get older. The “excess” does create some cash value and dividends but that shouldn’t be the driver of the choice.

   At your age the premium for the same amount of Term Insurance Coverage will be lower but in 5 to 10 years it will jump dramatically and may not be affordable – sometimes companies refuse to renew term insurance policies at a certain age e.g. 90. If you want to see what the jumps will look like – go online to a site that offers term insurance and put in $10,000 coverage and then change you age to 75, 85 etc and see how they compare to 60 or 65.

   I don’t know if you can buy whole life on line – if you can’t then look for a few brand name companies e.g. Prudential, John Handcock etc and get a quote.

   Whatever you do don’t get involved with Universal Life, Variable Life etc these try to combine insurance with investments and make the agent and insurance company rich with high fees.

   Good Luck
5. Chris C says:

   July 28, 2010 at 12:25 am

   It sounds like what you are looking for is some kind of whole life policy or a Term to 100 policy. A whole life policy will not expire so it will be there when you die, whether it’s tomorrow or at age 105. A Term to 100 policy will expire at age 100, but these often have the option to not have cash value in them. If you plan on keeping this policy and not cancelling it and don’t plan on living past 100 a Term to 100 policy is probably best for you. With this you won’t be paying for the Cash Value feature that you won’t use. If you have no health issues these can easily be bought.

   If you do have any health issues (either now or in the recent years), these are known as pre-existing conditions. If you have a pre-existing condition you will have to look at some kind of “Gauranteed Issue” insurance. These policies are the “no medical questions asked” type policies, but they are limited in what is covered and are VERY expensive.

   Your best bet is to contact an insurance broker in your area. An insurance broker will be able to assess your situation to find out how much you need ($10,000 will barely cover the costs of a funeral today let alone 20-30 years from now) and/or what kind and shop around between all the insurance companies in your area. This will save you from dealing with 15 different people to find a good policy.
6. William says:

   July 28, 2010 at 12:35 am

   lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
7. Denise says:

   July 28, 2010 at 1:12 am

   You are referring to a whole life policy. However, what most people don’t know is that term life policies (where you are insured for a particular term after which it lapses) can be renewed for the same term when the term ends, and for the same premium amounts without having to prove insurability all over again. It’s something you might want to consider because there is a huge difference in premiums between whole life and term life policies. Remember, at 61, you will be paying higher premiums because of your age, so a term life policy will be able to keep the policy affordable.

   Some of the choices open to you as a senior citizen are single premium policies, final expense policies, or no medical policies. However, they come with their own requirements and you would do well to consult an unbiased insurance advisor, before buying a policy.