I am paying 50 dollars a month for $500,000 life insurance?

Question

I am paying 50 dollars a month for $500,000 life insurance?

Answer 1

Assuming great health and a non-smoker...

You're ~47 with a 20 year term,

~42 with a 30 year term,

~37 with a 20 or 30 year term that returns all of your premium at the end of the time frame, OR

you have a universal life policy that'll lapse some time in the near future...

If you're younger than that you're paying too much...or you smoke or didn't qualify for the best rate.  Just shootin' from the hip though.

Jeff

Answer 2

Congratulations! You are to be commended. You are a believer in protecting the ones you love, to keep them "in their own world" , financially speaking, should you be taken out of the picture.

I would say that the policy is probably a 10-year or 20-year renewable term, without knowing your age. The premium isn't high enough to be a whole life or universal life.

Answer 3

I would  ask your age and the condition of your health - is it a permanent Life Insurance or a term product?  There are really too many particulars not known to me so therefore I cannot say yes or no.

Answer 4

And the question is?

Answer 5

not bad, depending on your age. I'm paying like twenty something a mo. for 100k

Answer 6

And your question would be is that a good deal, I would say yes.