We talked about life insurance still being used in your 50's and 60's on last weeks show. To summarize, were living longer, healthier lives, and many are working longer too. And a survey shows that boomers are supporting adult children and are carrying more debt than ever before. Because of these concerns more boomers are looking at life insurance.
When choosing coverage, a crucial decision is whether term or permanent life insurance is the best fit for your needs. Term insurance is for when you have a temporary need for coverage of anywhere from five to 30 years. On the other hand, if you have a more permanent goal, e.g. you want to leave something to your heirs when you pass away or want to make sure there is money to take care of a special needs child who will always need care, a permanent insurance policy, like whole life or universal life, could be a better fit.
While a permanent policy may sound great, a term life insurance policy is much cheaper than a whole life policy, even when you’re purchasing it at age 60 or 70, so it’s important to buy only what you need. If you want to learn more call 320-679-5183 or go to yoursafemoneyshow.com.
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