What Type of Insurance Do You Have on Yourself?

[LonghornMark]

So I'm looking at a policy on myself and it got me to wondering what type of policies you all had? I used to have a 200k whole life policy that I got into at when I was 22. I cashed it out and it lapsed. At 37 now, I'm not sure if I wanna go the term or whole life route again. I realize now had my agent been worth a damn, he would've put me a cheaper term policy that I would still have today. Oh well. Any thoughts or advice?

 

[JimmyUt]

So I'm looking at a policy on myself and it got me to wondering what type of policies you all had? I used to have a 200k whole life policy that I got into at when I was 22. I cashed it out and it lapsed. At 37 now, I'm not sure if I wanna go the term or whole life route again. I realize now had my agent been worth a damn, he would've put me a cheaper term policy that I would still have today. Oh well. Any thoughts or advice?

I think term is still a good idea depending on the coverage you are looking for. $1 million in permanent coverage is expensive. There are however some products out there from very good companies that offer permanent solutions with term riders, or a mix of the two as well. I am by no means an expert on those types of policies, but I am sure others here will chime in shortly.

 

[jacobtn]

There isn't a one size fits all answer to this question. Age, dependents, health, income, assets and what you're trying to accomplish all play a factor. A term product may be a great solution for some but a terrible one for others.

 

[WinoBlues]

So I'm looking at a policy on myself and it got me to wondering what type of policies you all had? I used to have a 200k whole life policy that I got into at when I was 22. I cashed it out and it lapsed. At 37 now, I'm not sure if I wanna go the term or whole life route again. I realize now had my agent been worth a damn, he would've put me a cheaper term policy that I would still have today. Oh well. Any thoughts or advice?

It is really going to boil down to your current wants and needs.

If death benefit is primary. Term insurance would be a good option till age 67. After age 67 you may have a problem.
I would start the conversation with a GUL built to be paid up by age 60. Blend in term to meet budget goals. WP, ABR and maximum Child Riders of course. I would compare that combo to an ROP Term that has a guaranteed Reduced Paid Up option.

Sent from my Nexus 7 using Insurance Forums

 

[winnersgetdinners]

Term is useful to cover loans you dont want your cosigners or beneficiaries to suffer for as a result of death. Permanent is better for burial expenses and the like. I tend to stay away from UL and don't like to recommend it, not that its bad but a combo of term and whole is better than one UL

 

[CHUMPS FROM OXFORD]

Term. All term. The policies (three) are staggered and set to run out in about 5, 9 and 15 years. I hope I don't die.

 

[Crabcake Johnny]

2M in 30 year term. Ends when I'm 75.

 

[ctg]

Term until I'm about 67. Should have the house paid off and the kids through college by then. Then a lot less whole life after that... enough to plant me and for the wife to have a big party.

 

[GreenSky]

My term ends when I'm 67. My wife has a great retirement plan, house will be paid off, and our savings will cover until she dies.

However, I've told my wife I would hate to have her cry when I die so I told her to go first.

Rick

 

[AnonymousOne]

Term til retirement. Then small UL so my wife can court a new man.