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Erin Said:

Life Insurance?

We Answered:

It depends if there is family that you're wanting to leave something behind for...children, grandchildren?

When taking out life insurance, some things to consider are: premium, term or length of coverage, cash value.
Also, consider if there is longevity in your family.

At age 66, most companies can offer you 20yr term policy. You may find a few that can offer you 30yr policy. So if there is longevity in your family and based on your current health, do you see yourself living until age 86? If not, then a "term policy" may be ok but keep in mind if you do live pass 86, you won't have any coverage and it will be nearly impossible to obtain life insurance at that age.

If premium is not an issue, then consider a "universal life with a term rider." There is a slight risk to that and I would check with your local agent or let me know and I can delve into that further. But basically, it combines a whole life coverage and additional coverage for a certain period of time and earns minimal cash value. This way, you can have coverage for the rest of your life and the term will just provide that additional coverage for your beneficiaries incase you die earlier than before your grandchildren go to college or something like that.

Now, about agent commissions. People will bring that up with you. Yes, agents make commissions, that is their bread and butter. So when you choose an agent, talk to them about their accessibility as your agent. such as, what type of service will they render you. This way, you get your money's worth all around. If they're going to make money off of your purchase, make sure they will guarantee exceptional service as their client.

I wish you the best.