I am 50 years old and am looking into Life Insurance.?

Question

I have 600,000 in savings and still owe about 230,000 on my house. My wife and I are about to adopt a child and I would like to have enough insurance on hand that if something happened to me, the house would be paid off. Is Life Insurance the best answer for me?

Answer 1

You may try to google it,here has some direct resource that might be helpful.http://lifeinsurance.online-helpers.info...

Answer 2

There are several factors to consider. Does your wife work? How old is the child you are adopting? Etc...

Life insurance is there to help prevent a hardship in case you die, but depending on your situation, your death may not create a financial hardship. So life insurance may not be the best choice in your situation, given more details.

Here is a good article about deciding if you need life insurance:

http://lifeinsurancenow.com/how-to-buy-l...

If you determine that life insurance is appropriate for your situation, you will want to get term life insurance because it is the best value. You can get the best quote here:

https://www.expert-quotes.net/term_life_...

Answer 3

Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Answer 4

Yes life insurance is the best option from what you're telling us.  And it will go tax free to your wife and child.  You may want to look at an annuity or a universal life insurance policy.  But of course you'll have to be in good health to qualify, especially for a larger policy.

Answer 5

If you child is under 5 a 20 year term policy would provide coverage until they are out of college. For a healthy 50 year old male $250,000 term would run about $500 per year.

You can run more quotes here

http://www.insurancemadeeasy.biz/Life.ht...

If someone tries to sell you life insurance and they talk about the investment or savings, run. Buy life insurance for the insurance if you need a permanent plan it should be for reasons other than the cash value.

Answer 6

Look into a level term policy.  I got a 20 year one at age 56.

Answer 7

Some life insurance would be a good idea.  As for the type it depends on exactly what you want to insure...

Are you just loooking to make sure the house is paid off?  If so, probably a term policy is best (it's a temporary need)

Are you looking to make sure that the possible taxes on the disposition of your savings (depends on the taxation where you live and what type of savings/investments it is) are covered so your family gets all your savings?  If so, perhaps a whole life policy would be better (I'm assuming your savings are planned to last you into your 80s if you live that long and a term policy would likely expire before you use it in this case)

Best bet, contact a local insurance agent to your situation as they would be most familiar with the taxation laws in your area and can make a recommendation from there.