Life insurance question?

First off it's term you want to stay away from unless you have a mortgage or a business that is part of a timeline since term insurance ends after a period of time and you get nothing but a pile of payed bill receipts unless you die before the term is up. Secondly, yes, you will be starting over and at a higher premium because of your age. Thirdly, almost all employer provided life insurance is term because there is no reason for the employer to insure you once you leave or retire though often you have the option to continue or renew or buy a new term with the insurance company. If you have no family or dependents or estate to settle then a small whole life policy is perfect to ensure that your final expenses are payed for. If you can afford a larger policy then it can grow in cash value that you can borrow against or withdraw from after a specified period of time. Critical illness insurance is a wise addition to health insurance as it pays for diagnosis of cancer or in the case of a cardiac or stroke event. Good luck.

I recommend that you visit this web site where you can compare quotes from different companies: http://coveragequotes.net/index.html?src=2YAwdfswK...

RE :Life insurance question?

I have had life insurance on me almost since the time of my birth. When I moved to TX 4 years ago I dropped it due to financial reasons. I have it through my employer but I feel that I need more. If I apply for more life insurance at my age, will they take into consideration that I have had it for over 40 years prior, or will I be like starting over?

Follow 5 answers

No, it won't matter that you had it previously. It will be starting over.

Which is good, because life insurance purchased for small children is usually very overpriced and/or lousy. By starting over as an adult, you may be able to get better or cheaper insurance.

Ask yourself why do you need more life insurance? If you have no family, who is the money for?

But since you have coverage from your employer, inquire about adding more insurance. Often companies will allow employees add, at additional cost, multiples of the basic insurance coverage, based on your salary. Then you get the company group rate.

Do you NEED life insurance?

Do you have any dependents that cannot survive without your income?

If you don't have children of school age, you would be better off putting that money into a savings account to pay for your final expenses.

Always get Term Life Insurance.

What you had was whole life. Never touch whole life again.

Your previous ownership of life insurance has nothing to do with your new purchase....which is the answer to the question you actually asked. It'll be based on your age, health and what you buy.