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I currently have a 20 Yr. Term Insurance Policy for me and my wife. We're in our late 40s and would like to know if switching to a Life Insurance policy is practical and affordable. My intent is to have a Life Insurance policy that can pay itself off within a certain number of years.
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Your question: I currently have a 20 Yr. Term Insurance Policy for me and my wife. We're in our late 40s and would like to know if switching to a Life Insurance policy is practical and affordable. My intent is to have a Life Insurance policy that can pay itself off within a certain number of years.
Answer: Term Life policies do not accumulate cash value. Some policies have a feature that allow you to convert it to a Whole life or Universal Life product and they will apply the current year's premium towards the new premium. Sometimes this makes sense but it makes sense to shop all options with mor than one company before making a decisoin. New York State is very strict about switching life policies. There is paperwork to complete when you apply for replacement insurance to make sure you understand some of the risks. I will assume you have had the term life policy for more than 2 years and are past the contestable period. If you start a new policy, you have a new 2-year contestable period.
I would recommend that you look at some proposals for various products that might better meet your needs. Once you decide on one, go through the application process and physicals. You don't need to pay any premiums until the polices are issued and delivered. Since there is no refund on the term life policies, you would leave them in force until expiration. This way you have a safety net, if for some reason, during the application and issuance process, you change your mind. While whole life products are more expensive than term products, they make much more sense and return your premium to you, in the form of cash value, when you no longer need the coverage. In many instances, the cost of the life insurance is zero at the end of the use of the product. I would be happy to prepare some quotes for you. Please contact me at jmurray@ambins.com ; 914-631-4353 x 113
JoAnne Murray, President
Allan Block Insurance Agency Inc
24 South Broadway
Tarrytown, NY 10591
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Thank you for your question. Regarding the practicality and affordability of switching from a term life insurance policy to a policy that can be paid in full within a set period of years with you both being in your late 40's requires careful consideration of your objectives and needs.
Our focus in exploring how we can assist you would be to first evaluate your existing coverage and health, then consider the extent of coverage needed, review specific policy features and riders and evaluate importance of inclusion, evaluate who should own the policy from both a tax and an estate planning perspective, and review your cash availability and needs to determine the optimal time period in years for full funding. Examples of different yearly funding scenarios would be discussed and provided.
We are a full service financial planning firm and have been handling insurance and other financial and tax situations for over 25 years. I would be happy to assist you with your insurance needs. My name is Richard Freiberg, and you can contact me either through ZOOMNIA or directly at (914)923-5084.
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Term Insurance is life insurance however it is only for a specified length of time. In order to have a policy that pays for itself your would need to purchase a Whole life or a variavle life contract. The premiums would be much higher than a term policy; however, you would build a cash value that could be used at some point to pay premiums.
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It may not be practical if your intent for a policy is for it to "pay itself within a certain number of years". TERM will not accomplish this. Once you stop paying, the insurance expires. The premium will increase after the 20 years, and even if you continued to pay past the 20 yr mark, it will automatically expire at Age 70. A very important consideration is: what is your objective of having a policy that will last your entire life? We have helped families convert their term insurance to permanent insurance in order to have life insurance during their elder years when term is either too expensive or not available at all. We welcome the opportunity to assist you with deciphering an effective course of action.
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