Got a question from Betty and Prescott Valley, Arizona. And Betty’s question was, how much life insurance do I need? Well, Betty, it depends on what it’s going to be used for. So if it’s going to be used for final expense policy, and Betty’s case, she happens to be over the age of 70, for her, a whole life policy is probably gonna be the best fit.
And it’s probably gonna just cover whatever her needs are possibly a little bit. More if she wants a financial gift built in and possibly a little bit more if she wants to have miscellaneous bills covered, credit card debts, things like that. So it just depends on the scenario. Um, in Betty’s case, um, she was looking to be cremated and she wanted a small financial gift built in, so she’s going to be looking somewhere around plus or minus a $10,000 whole life high insurance policy.
So that’s can be a good fit for Betty. Now for us. Well. Um, if you’re looking for a larger policy, the blanket rule is if you’re looking for a larger policy and your health is excellent with little to no prescription medicines, meaning three or less and no major prescription medicines like Gabapentin or Lyrica, things like that, then you could be looking at a term policy and that gives, that’s going to give you more coverage and that’s the most economical way to get a larger policy.
The downside of those policies is that they do. Expire and you get to the end of the term, even if they knew all that price is going to skyrocket. So they don’t make a great end of life policy. But if you’re looking for larger coverage for just a period of time, that’s a great fit for me and for my family.
And as you get older and you’re getting into your seventies, you’re getting into your eighties. just remember that for most of these companies, most policies, what you’re gonna be looking at is 85 years old. It’s your last year where you can’t get insured. So just bear that in mind as well. If you’re getting a term, just make sure it expires before that time.
You know, before you turn it. Six so that you can get reinsured and just remember that every year that you wait to get life insurance coverage, mortgage protection, insurance, final expense, other term coverage, anything like that. The longer you wait, the more expensive it’s going to get. But once you get your policy, as long as it’s a level term or it’s a whole life insurance policy, then your rates are going to be locked in.
And so your price will not go up for the term. And if it’s whole life, your price will never go up, ever. And it goes until you. It’s a great policy. so just bear that in mind. So I hope that’s been helpful. click the button below. I’d be happy to provide a free consultation for you, something that’s more pinpointed to your situation, specifically, or ask questions in these videos.
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