Many people have life insurance through their workplace, or else they purchased a term life insurance plan that expired when they were middle aged. So now we find people at 50, 65, or even in their 80s, looking for an affordable life insurance plan! Perhaps these people are looking for a good life insurance plan for retirement because their company life insurance will not cover them.
Life insurance is a complicated subject that doesn’t make for fun, lively reading. But if you can stick it out and read this, you might just come out with an idea of what kind of life insurance you should buy. First let us make sure we are on the same page with some definitions.
You pay a lot less for term life insurance today than you would 20 years ago.
A couple of weeks ago I picked up a rate book from one of the finest and largest life insurance companies in the industry. I was just scanning the pages and it occurred to me that the term insurance premiums looked really high. I decided to do a comparison between todays premiums and the premiums of yesteryear. The results were quite surprising.
