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IS IT WORTH THE MONEY TO BUY WHOLE LIFE AT AGE 53?

Posted in Life Insurance Questions over 2 years ago, 2 replies

I AM HEALTHY 53 YEAR OLD MALE. TERM INSURANCE WAS PURCHASED YEARS AGO SO MY WIFE WOULD HAVE ENOUGH MONEY TO LIVE AND PAY OFF COLLEGE BILLS. CHILDREN ARE OUT OF COLLEGE NOW I DON'T FEEL I NEED THE TERM INSURANCE . MY AGENT IS TRYING TO COVERT MY TERM INTO WHOLE LIFE. I FEEL AT MY AGE WHY PAY THE HIGH COST OF INSURANCE ANY MORE. IS MY AGENT JUST TRYING TO MAKE MONEY FOR HIMSELF?
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submitted by RICHARD HAGGERTY in STAMFORD CT.
Your agent most likely will receive a commission if you convert the policy from term to permanent insurance.

Th commission is only a small part in the decision making process. Your agent will be paid directly by the insurance company. You will not have to cut a check to your agent. The commission is included in the policy illustrations.

The type and structure of the whole policy including the riders on the policy are the most important considerations.

You will want to purchase a policy that allows you to maximize the benefits. I commonly refer to this type of policy as a "Maximum Efficient Contract."

Beneficiary designations and mode of settlement are also very important topics to review when making a conversion and should be reviewed with your agent.

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submitted by Terry O'Brien in Sarasota, Florida @ March 15, 2009 - 08:32 AM
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Not very pleasant, sure thing...
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submitted by peterF in Seattle, WA @ November 13, 2009 - 03:32 AM
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