When Two Is Too Much
Prior to getting married, my husband used to pay for two policies: whole life and term life. This was based on the recommendation of his Insurance Agent and he was gullible enough, thus, he fell for it. The face values of the policies varied and because whole life insurance commands a higher premium, it had a lower face value.
That had to be stopped! Almost ten years ago, right after we got married and I got full control of every document in the house, I knew I had to do something about it. I didn’t see the point of having the whole life insurance policy at all in conjunction with the term life. It simply was insane to me. He had to give up the whole life policy and got the available cash value.
Thus, currently he now has only one term life insurance coverage. However, as I was reviewing the policy, I noticed that he only has 20 years term, for the simple reason that the insurance company as of the time when the change was initiated, was not yet offering any term life more than 20 years. In fact, a few weeks ago, we have checked it out with the Agent and it is still not available. Do we continue to wait or start searching around for term life insurance rates that offer at least 30 years term?
Oh well, what’s important for now is that he is covered. I can’t stress enough the importance of having a life insurance policy in place. As it is, having a policy in force is a caring and smart financial decision. No ifs and buts!
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I just wanted to let you know that this post was very helpful to me. My DH and I have been debating life insurance for the past few months and this was the kick I needed to get it in motion. We have our quotes, decided on a 20 year term with return of premiums at the end through our State Farm agent.
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@ lenox knits
congrats! it’s never too late to get one. I’m sure, you feel more secure now thinking, you have taken the step towards taking care of the future.
I’m glad, I was able to at least influence you to get everything in motion.