A LifeTime of Coverage
Sometime back a potential client in average health called me from New Jersey. At 41, he had suffered through a history of high blood pressure and depression for quite a while. A non-smoker and otherwise in good shape, this family law attorney got married a couple of years back and now his wife was pregnant with their first child.
But his heart was set on a policy with a lifetime of coverage. He also wanted to come back in a few years when his practice would begin to do better and convert the term policy into a permanent life insurance plan. This is where it becomes tricky. Since there are always multiple insurance carriers fighting for your business, it is not always a good idea to go with the one that offers the lowest premium. In his case, for a few dollars more, I found him an A+ rated solid carrier with excellent options to convert to a whole life or guaranteed universal life in future.
The lowest premium term life insurance policy may not be the best option for you.
MALE | AGE: 35 | RISK CLASS: SUPER PREFERRED | NON-SMOKER | |
---|---|
Real-time Life Insurance Rates Face amount: $1000,000 |
|
10 Years Term (convertible to guaranteed universal and whole life) | $19 monthly |
20 Years Term (convertible to guaranteed universal and whole life) | $34 monthly |
30 Years Term (convertible) | $64 monthly |
30 years Refund of Premium Term | $132 monthly |
Universal Life (pay only till 65) (Lifetime of coverage without cash values) | $583 monthly |
Whole Life (pay only till 65) (Lifetime of coverage with cash values) | $1,446 monthly |
Please note: The rates quoted are estimates and are subject to underwriting by the insurance carrier. Rates do not include optional riders. For a no-obligation consultation, call us at 1.866.526.7264. |
Conclusion
Since most of us do not live beyond the age of 120, a permanent life insurance policy guarantees a financial cushion or in many cases a financial legacy for your loved ones. If purchased at the right time in life, a