How do I decide what type of life insurance to get to cover my husband?

Answer 1

That depends on how much he has saved, how old he is, and how long he needs it. I sell term insurance 100% of the time for every client I sit down with. Why? Its inexpensive, so the client can afford the right amount of coverage. At the same time, I help the client invest their money into IRAs. That way you are renting wealth while building wealth at the same time. In 20-30 years, no one knows how much you will save. If you feel you still don't have enough money saved in 20-30 years, you may renew the term policy or exchange it for a smaller term or convert it to whole life. My company doesn't deal with whole life or any cash value life policies because they are a ripoff. In most cases, when you die, the life policy will only pay the death claim and all the cash value in it is kept by the insurance company. It is one of the main reasons why I sell term insurance and keep savings away from life insurance.

Reason why people purchase life insurance is to protect the family from loss of income and they don't have much money saved. When they speak to an agent that sells cash value life insurance all the time, then they change the reason from protecting the family's income to building tax-deferred savings for college or retirement. Its totally unbelievable on how many life agents are selling cash value life insurance. If you wanted to save for college, look at 529 plans or open a UGMA/UTMA accounts. If you wanted to save for retirement, then open a Roth or Traditional IRA.

Answer 2

There are many variables to consider before you choose the right type of life insurance policy.

If you are on a budget and need the coverage for a specific number of years, you may want to consider Term Life Insurance for 10, 15, 20 or 30 years.

If you are not on a budget and do not need large amounts of life insurance, then Whole Life Insurance may meet your needs.

Term life isnurance is generally the least expensive life insurance option, but it ends when the policy term expires.

There are several types of Term Life Insurance - Level Term Life Insurance offers rates and coverage that remain level for the entire term of the policy.

How It Works:

Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years.

Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.

Usually, term life insurance costs less than permanent life insurance.

At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.

Term Life Insurance Has Three Standard Features:

Level
Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.

Convertible
Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.

Renewable
Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).

For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.

To learn more about Term Life Insurance visit http://www.term-life-online.com - They have articles, quotes, and term life insurance with no medical exam required.

I hope that helps! Best of luck to you.

Answer 3

It depends, do you want a lot of face value and a low premium with not to many benefits, or do you want an average amount of face value with a average premium with great benefits. I personally prefer whole life insurance because you earn dividends, are able to take out loans against it if need be, and the premium never changes, where as a term policy is good for the time being but if you live longer then the term is good for you're going to pay triple the premium you began with and it will never earn dividends.

Answer 4

The question you need to ask yourself is what do you want your insurance to do for you and your husband?

Also look at what your lifestyle is like and if you want anything that might be able to suplement your retirement savings and give you tax-free money in retirement.

The best thing to do is to sit down with trustworthy and comptitant insurance proffessional who asks you lots of questions so that they can recommend the type of insurance that will best fit your needs.

Answer 5

Wow! That depends on a LOT!
Young. a couple kids,a mortgage,then he needs a lot of ins,. and term is the only way it is affordable. Older, kids on their own, house paid off, ? term starts to become prohibitive, but ordinary seems to be the better buy.

t's almost impossible to say with out knowinga lot more. i suggest you both talk to an agent. Thisisa personalthing, andwhat's best for someone else might be the worst for you.

Perhaps a good friend could recommend one,or you know one from your own circle of friends.

Answer 6

Figure out how much coverage he needs first, then focus on the type. Working with an independent agent or financial planner will be your best bet to make sure you aren't getting talked into something that doesn't really fit your needs.

Answer 7

Write down what you want it to do, then go to a local, independent agent for quotes. Match the product to your need, not the other way around. Most of the time, a 20 year term policy, renewable & convertible, will do what you want it to do.

Answer 8

Buy term insurance...all the others are a rip off.

Answer 9

term insurance. all other types are ripoffs

Answer 10

ANYMORE WHOLE LIFE LASTS TILL HE PASSES TERM LIFE ONLY LASTS TO A CERTAIN AGE THEN IT'S NO GOOD ANYMORE