Life insurance help

CurlXTCeeCurlXTCee Registered Users Posts: 379
How best to approach finding affordable life insurance? Admittedly I know NOTHING about life insurance.

Term vs. whole?

Our ages are mid 50s and and late 40s, both without major health issues, although my BP two days ago was 153/113 - the highest recorded BP I've ever experienced. I've been under a great deal of stress and recently stopped exercising, both of which contribute to this number greatly, I'm sure.

My goal is to ensure that the beneficiary will have enough to live out the rest of his/her days with careful budgeting and investing or to nicely supplement income if still working. I'm hoping for a minimum of $300,000 - which I realize is hardly enough upon which to live happily ever after, but it's a start, and sadly it's far more than either of us has at this point or will ever hope to have by income alone. I believe that for a single person at our current standard of living, $300K could go a long way. We live relatively simply and frugally.

Comments

  • AndreaAndrea Registered Users Posts: 279 Curl Neophyte
    Term means just that, it will expire unless you buy from a company that allows you to convert it to whole life later. Term is much cheaper than whole life. Whole life does not expire and will pay dividends and have cash value. Depending on your budget, you could do a combination of the 2.
  • AndreaAndrea Registered Users Posts: 279 Curl Neophyte
    I would search for companies near your home and schedule an appointment to meet with a rep. They would be able to explain the different products. All companies are not created equal. I would goggle best life insurance companies to get an idea of the better companies.
  • violetsviolets Registered Users Posts: 1,689 Curl Neophyte
    AAA has the cheapest insurance. Compare a few companies and you will see. I have 100k for 30 years and its only like 35 a month and that is not their cheapest policy. That was suggested to me from a friend who sells life insurance and doesn't work for AAA. LOL. You do need a blood test but I think that is for any life insurance you are not buying through work.
  • CurlXTCeeCurlXTCee Registered Users Posts: 379
    Many thanks, ladies. I have a neighbor who sells Farmers. I'm just concerned that I won't research enough and will not find the best deal because my impatience will get the best of me and I'll let someone convince me that theirs is best when it really isn't.

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