My husband and I are paying more for life insurance now than we ever have, but we’re happy to spend $342 a month for peace of mind

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

The author, right, with her husband.

My husband and I had a 10-year term life insurance policy that expired several years ago.
We paid $45 a month for it when we bought it in our 40s; in our 50s, coverage would be much more expensive.
We decided to buy a universal life insurance policy instead since we can cash it out if we need to.

My husband and I bought a 10-year term life insurance policy in our 40s. At the time, retirement and being over 50 seemed far into the future. We purchased a plan to cover my husband with a death benefit of $300,000.

We assumed we would pay off our mortgage by the time the policy expired, and we also imagined that I could draw on his retirement and our investments if something happened to him.

Life, including our financial life, doesn’t always go as planned, and time has a way of passing, ready or not.

As the policy expired, we still had at least 10 years on our mortgage, and we aren’t going to retire in the traditional sense, even though my husband will leave his full-time job in less than 10 years (we plan to pursue other work opportunities after that time). So we found we still needed life insurance; if something happened to my husband, I would still need a lump sum of cash to pay off the mortgage on our condominium. 

The problem is that life insurance premiums at 30, 40, or 50 are different. …read more

Source:: Businessinsider

Leave a Reply

Your email address will not be published.