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Life Insurance
Posted on 12/5/18 at 9:44 pm
Posted on 12/5/18 at 9:44 pm
I have a 50K term rider on spouse’s 70K UL plus cash value with term also. We are retired with no debt and have several other life Insurance policies. We were contacted by our Farm Bureau agent that in few days, I will no longer be guaranteed no questions asked and conversion time will expire. I have preferred rate. The policy will lapse at 76 YO and therefore, would loose rider also. Options: I can keep it like it is; want to me buy a 25K policy for myself; take cash value and buy a single premium whole life. We have cemetery plots paid for already. Have good health insurance and see no need to have $25K policy. I am 65 YO in good health; Hubby is 64 YO. Work did not have life insurance portability, only took cancer policy and my LASERS retirement. I am confused. We are making 4% interest on policy and feel that is main reason for knocking on our door. Can someone give me suggestions/thoughts.
4
Posted on 12/5/18 at 9:52 pm to Tigerroc
Why do you need insurance at all?
Posted on 12/5/18 at 10:02 pm to Tigerroc
I’m at a different stage in life so maybe I’m missing something but with no debt, the costs of a cemetery plot covered, and a retirement income, what exactly would you need to insure against? Seems to me that a life insurance policy would be something to work towards no longer needing (no debt, no loss of income, etc.), meaning you’ve eliminated the financial risks of death. And what you described seems to meet that.
This post was edited on 12/5/18 at 10:04 pm
Posted on 12/6/18 at 4:50 am to Tigerroc
quote:
I am 65 YO in good health; Hubby is 64 YO
Your life insurance should be there to pay for something your spouse can not afford without you. If you don't have that need, you don't NEED life insurance.
The insurance agent called in a SALES call. It wasn't for your own good, I promise, it was for their own. They wanted to worry you into spending more money. Now it can certainly help you potentially, but I'm saying just because they called doesn't mean you NEED anything.
If you are retired with no debts, savings, and means of income through retirement accounts/ Pension then you do not NEED life insurance. Its 100% up to you at that point.
Posted on 12/6/18 at 8:17 am to Tigerroc
It appears the only reason you would need insurance now would be for legacy planning. So, unless you want to gift money to a person or charity; insurance is not needed at this position in life.
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