by muirkim » Wed Mar 26, 2014 08:56 am
I am a 58 yr old disable woman with Osteoarthritis and Fibro. I need a term life insurance to leave my 5 children a couple of thousand dallors each. but also to pay for funeral. HELP!!! I currrently have no life insurance at all but need a 30 yr term. its allso expensive out there. I recently almost bought a whole life policy for 60.00 amonth for 15,000 coverage. Is that good?
Posted: Fri Mar 28, 2014 04:31 pm Post Subject:
$60 per month for $15,000 for a 58-year-old seems about right. It will not provide the necessary means to accomplish your goal of leaving "a couple thousand" dollars to each of five children and pay for a funeral. For that, you probably need $25,000-$35,000.
It would be best for you to work with a local life insurance agent to find the right coverage at the best price.
Posted: Wed Jun 25, 2014 08:01 am Post Subject:
I don't think it is easy to get a life insurance policy at the age of 58 and at worth $60. $15000 is not enough to give "a couple of thousand" to your each child. Talk with a good agent regarding this, he will explain you briefly.
Posted: Wed Jun 25, 2014 09:16 am Post Subject:
$15000 is not enough to give "a couple of thousand" to your each child.
You, DavidMayo, are also not a math major. The OP indicated she has 5 children. $15,000 divided by 5 = $3,000. Last time I heard, that's at least "a couple thousand" dollars each.$60 per month for a 58-year-old disabled person is about right for a $15,000 final expense policy. Granted it's not much money, and it won't pay funeral expenses if the plan is to pay $3000 to each of five children. But it's high cost, and it means that if the insured lived to age 100, 42 years x $720/year = $29,400 in premiums for a $15,000 payout. That's not very efficient.
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