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Getting life insurance when you’re 50

 
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amother




OP
 

Post Thu, Oct 14 2021, 9:42 pm
Please guide me if you know anything about his topic.

I do plan to speak to an insurance broker just also want to hear from others as well.

My father passed away recently and my parents had whole life insurance. The pay out was not significant - as that is the nature of these plans… (a whole different topic)

My mother is concerned because the youngest of the family is still a minor. Is it possibility at this stage of the game for her to take out Term
life insurance?
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amother




Crocus
 

Post Thu, Oct 14 2021, 9:52 pm
Term life insurance is much cheaper and sounds like it would make sense in this situation- can take for 10/20/30 years for higher amount and not commit to paying something long term.

Agents are much more motivated to sell whole, that makes much more money…
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amother




Lawngreen
 

Post Thu, Oct 14 2021, 9:55 pm
Yes she can, and the price will depend on her health etc. At her age even term isn't cheap; your mother will have to decide if it's worth it.
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Ellie7




 
 
 
 

Post Thu, Oct 14 2021, 9:56 pm
I would imagine that term life is pretty expense for a 50-year-old.
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amother




Crocus
 

Post Thu, Oct 14 2021, 10:07 pm
Ellie7 wrote:
I would imagine that term life is pretty expense for a 50-year-old.


Still worlds away from whole. And depends for how much and how long.
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amother




Wine
 

Post Thu, Oct 14 2021, 10:26 pm
If she’s in good health she should definitely get life insurance.
It’s not that crazy expensive.
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Revafe




 
 
 
 

Post Thu, Oct 14 2021, 10:54 pm
Would say to get Universal life or term.
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amother




Mint
 

Post Thu, Oct 14 2021, 11:14 pm
I don’t think it makes sense to get life insurance at that age.

Speak to a financial advisor to invest smartly.
It’ll get you further…

A term policy will be prob be a minimum of $1000 a month for any normal payout. The risk is too high for any insurance company.

Rather take that same money and invest wisely.
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amother




Lawngreen
 

Post Fri, Oct 15 2021, 12:04 am
amother [ Mint ] wrote:
I don’t think it makes sense to get life insurance at that age.

Speak to a financial advisor to invest smartly.
It’ll get you further…

A term policy will be prob be a minimum of $1000 a month for any normal payout. The risk is too high for any insurance company.

Rather take that same money and invest wisely.

Double check before you cross it off, I think it might be much less.
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jd1212




 
 
 
 

Post Fri, Oct 15 2021, 12:39 am
I’m an independent insurance broker and someone at that age wouldn’t generally cost remotely that much for a decently-sized term policy unless they had significant health issues.

There is also a type of life insurance called a whole life blend, which is a combination between term and whole life, where the policy is permanent but premiums are much lower- you just don’t accumulate as much cash value and the death benefit stays the same instead of going up. Often a good solution for people of this age bracket, just less known about. Feel free to PM if you want to chat.
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amother




Trillium
 

Post Fri, Oct 15 2021, 2:03 am
I'm closing in on 60 and have some relatively young kids. I pay $900/year for a term policy of 500K. But I took this out about 15 years ago. And $126/year for an additional 100K on a separate policy.
I recommend she look into it for the sake of her minor children. But wishing her long life.
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zaq




 
 
 
 

Post Fri, Oct 15 2021, 8:39 am
amother [ Crocus ] wrote:
Term life insurance is much cheaper and sounds like it would make sense in this situation- can take for 10/20/30 years for higher amount and not commit to paying something long term.

Agents are much more motivated to sell whole, that makes much more money…


The cost of term life goes up with age; it's a bargain for young people, but at some point the curves cross and term becomes more costly than whole life and keeps going up. You have to speak to an agent and get the rates charts for each company.
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amother




Anemone
 

Post Fri, Oct 15 2021, 8:44 am
I think investing thr money would go alot further 🤔
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amother




Lawngreen
 

Post Fri, Oct 15 2021, 9:23 am
amother [ Anemone ] wrote:
I think investing thr money would go alot further 🤔

I don't think there's a point in investing money - in this context. Money needs time to grow, and her mother needs the security and reassurance NOW. Investing is good - for her retirement. It's not for if she's worried that her children would be provided for if something were to ch'v happen to her.
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amother




Bergamot
 

Post Fri, Oct 15 2021, 9:57 am
You could also look into areivim as an alternative
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Simcha36




 
 
 
 

Post Fri, Oct 15 2021, 10:39 am
term is not expensive

50 is still ok

70 would be a problem

;-)

please pm
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