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When someone financially depends on you, it’s the right time to look into life insurance.
Term – purchased for a specific period of time: 10, 20, 30, even 40 years.
– The price is fixed for that period, and the policy will terminate once that time has passed.
– Most plans have a conversion feature where you can convert to permanent insurance without medical underwriting.
Permanent – Different types of permanent life insurance exist depending on your financial and family goals.
– Universal Life, Guaranteed Universal Life, Whole Life, and Variable Life are some types of permanent insurance.
– Since permanent insurance is expected to last a person’s lifetime, the premiums are much higher than term insurance. Imagine insuring a 45-year-old who may live to 120.
– Permanent life insurance can have different options, such as building cash and borrowing against the face amount. Some whole policies have a rider (extra benefit) for long-term care or chronic care.
For term policies, you can cancel without any problem. Different permanent policies may have penalties or surrender fees.
In most cases, it makes sense to keep what you have and purchase additional coverage strategically. You will never be younger than you are today.
No. There’s no issue with you moving to a different state. If you plan on moving abroad, please let me know ahead of time. In most cases, it’s not a problem, but I should be aware of that when we have our initial conversation.
Minors cannot inherit assets, so you’re creating a problem for your children’s guardian if you name them as beneficiaries. Please look online for the millions of pages that confirm this.
You can do this, but it’s best to create a trust. Please let me know if you would like a referral to a trust attorney.
Life insurance is accessible online, but life insurance service is still a specialty. Each carrier has different areas where they look to be competitive. Some are more marijuana friendly, some are more flexible with lab results and height/weight. I ask potential clients many questions to find the best carrier at the best price for them.
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