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Benefits of Converting Term Life to Permanent Life
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Small Cost. Big Protection. That's Term Life Ins.
How it works.
Select Term Life InsuranceSelect 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.
30 Years Starting at $20.23/mo* $232.50 annually $250,000 of coverage Return of Premium Term Life InsuranceReturn of Premium Term Life insurance offers you coverage with a level premium payment for 20 or 30 years, whichever you choose. If you outlive that premium period, all policy premiums you've paid will be returned to you. Coverage starts at $100,000. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits. Once past the level premium period, premiums will increase annually.
30 Years
Starting at $40.25/mo* $462.50 annually $250,000 of coverage Mortgage Term Life InsuranceMortgage Life 15 or 30 is designed to provide funds for the repayment of a residential mortgage in the event of premature death. Coverage is available for 15- or 30-year periods. After the first five years, the death benefit, which is meant to behave similar to your mortgage, decreases over the life of the policy. It is sometimes called a "decreasing term" policy. You choose the amount of coverage ($50,000 minimum) based on your mortgage balance. The policy is convertible to a permanent policy regardless of health, subject to age limits.
30 Years
Starting at $22.45/mo* $258.00 annually $100,000 of coverage |
We recommend long term care insurance for most people.
Published: Monday, 2 Dec 2013 | 10:09 AM ET
By: Andrew Osterland, Special to CNBC.com
All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs.
"It's the biggest expense for retirees," he said.
If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples.
"We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement."
—By Andrew Osterland, Special to CNBC.com
By: Andrew Osterland, Special to CNBC.com
All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs.
"It's the biggest expense for retirees," he said.
If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples.
"We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement."
—By Andrew Osterland, Special to CNBC.com
