Renew expiring term life policy or get a new quote for whole life?

Posted in Life Insurance Quotes over 3 years ago, 2 replies

I have a $200,000 10 year Term Life insurance policy that I currently pay $93.65 per month. Although the policy cost will not increase until 2010, I thought I should look at the benefits of this type of policy versus a Whole life policy.

I have had this policy for 30 years. I will soon be 62 and planning to retire next year. I can afford the payments but was wondering if this is the best policy to keep?

Is whole life better if yes, why?

What I want from a policy is in the event of my death my family will have a little money to cremate me and pay off a few bills. Will the current policy provide this for me?
I have other invests and is not looking to make my like insurance an investment type policy.

submitted by Carlotta Webb in Union, OH

Based on needs described above, you should convert existing term policy to a "no lapse guarantee" universal life policy. No proof of insurability is required and the policy performs essentially like a perpetual term policy. Policy will last to age 120.

Sony Gay, Jr.
Life Sales Consultant
Career Agency Life Insurance Solutions, LLC

submitted by Sony Gay in Sacramento, CA @ August 21, 2009 - 10:12 AM

Hi Carlotta,

I just came across your question and see that your policy expired this year. Did you ever get another policy? If you haven't or are still unsure about what is best for your particular insurance goals email me and I would be happy to help you decide what is best for you at this point in your life.

Heather.clum@case.edu

submitted by Heather in Hamilton, OH @ December 28, 2010 - 04:22 PM

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