I am sure we can all agree that Term Life Insurance is the most inexpensive type of life insurance to get. It is definitely the way to get the MOST life insurance for less premium than a Whole Life Policy or Universal Life Policy.
But the problem with Term Life is that it only last for a “Term” of time, generally between 10 years and 30 years. Based on the Social Security Longevity Tables from 2013, a 35 year old male is expected to live 43.22 years making him 78 years old when he passes away.
Now if this 35 year old male was able to get a 30 year Term Policy, it would expire when he was 65 years old leaving him without coverage. He could get another 10 or 15 year Term Policy but it would be a much higher premium and should he out live that policy he would be out of luck at age 75 or 80.
As an example, the solution to the problem for this 35 year old male would be to get a $250,000.00 20 year Term Life Policy for about $18.00.00 per month to cover his immediate needs AND a Final Expense Policy for say $15,000.00 in Death Benefit for about $45.00 per month to cover his final expenses to age 121. This 35 year old male could cover his entire life for about $63.00 per month from his current age to age 65 then the premium would drop to $45.00 per month.
If you have questions or would like to see how this could work for you, give Fred Wood a call at (877) 215-3812 ext. 0 or click HERE to schedule a convenient time for us to call you.