Life Insurance
I'm having a difficult time understanding how the life insurance part of this program works.
I think I can see how it works under the suggestion, though it hardly makes practical sense, as it is virtually impossible to buy term insurance at older ages, which varies in face amounts dramatically from year to year.
But, in addition to that, if I input our policies, and assume that they will remain in-force until death, I don't see anything in the report that shows the presence of life insurance, nor, do I see any death benefit paid out at an assumed death date.
I wish someone could clarify some of these issues.
RSS
Hi, I can discuss this with you on the phone if you want to call -- 617 834-2148. But the whole life policies that are up for sale are a combination of term insurance and saving, so you can compare what we recommend for term insurance and annual saving with what the policy provides. With respect to your existing policy, if you are going to hold onto it and its premiums are more than the premiums we suggest you will need to pay, you can enter the difference as annual special expenses. best, Larry
I also think it's helpful to try to understand why someone at an older age is being asked to purchase so much term insurance. Is it because a pension is set to provide no survivor benefit? I've found it's cheaper to use the survivor benefit than it is to buy term at older ages. Is it because of a very large bequest? I'd investigate a little what's going on there as another thing to look at.