I currently hold two life insurance policies on myself. They are both for the same amount, here are the differences:
Policy #1 costs $68 per month.
It is WHOLE Life, 20 yrs, with Cash Value built in.
Policy #2 costs $53 per month.
It is TERM life, 30 yrs, with no cash value.
I have been paying on both policys just a pinch over 1 year each.
I am 50 yrs old. I will work as long as able, since I will never really be able to afford retirement. I have no home, therefore no equity. The only asset I have is an IRA CD of $35k. My only dependent is my hubby, who is 100% disabled. He receives SSDI which is barely enough for him alone. No kids. No pets.
I need to add money to my budget so that I can purchase WHOLE Life Insurance for my hubby, as it is a rare policy I found that will accomodate persons Post-Stroke.
Why policys? assist surviving spouse w/funds to get home, pay debts, assist w/expenses in general.
Questions? Post in your answer; will review.
072208 8:35
Tags: