Should Keep or Look into term Life Insurance Quotes?
I have a whole life policy which I have been paying 45.00 per month for 16 yrs. I have to pay this amount until age 99 so they say. The amount it was for when I bought it was 50,000. It builds cash value. I am now 62. Should I keep this policy or look into term insurance?
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March 17th, 2010 at 3:00 PM
That now has a goodly amount in cash value.
At your age, I would keep it.
If you need cash you can redeem it.
If you have a large amount of obligations, you might cash it and look at term.
HOWEVER, Term may not be very cheap at your age.
Sometimes Term payments increase annually, may not be fixed, and still payable until death.
Some term insurance can be converted to whole life, regardless of health, but premiums will not be cheap.
Your main concern should be debts and/or obligations.
I carried a Term for 250K until the premiums reached $500 per month.
I dropped it, but, my obligations were protected. I don’t need it any longer.