by Hope
I wrote 2 or 3 or several years ago about my life insurance. I’ve had the same policy since Princess was born. And several years back, I could have converted it with no check up. I did have a conversation with them and it just didn’t seem like a good idea. My coverage would have been cut significantly and the cost would increase.
But at the end of the year, my original term expires. So it’s time to figure out what’s next as far as life insurance goes.
Current Coverage
I currently have a $250K policy that costs me $67 every quarter. If I want to keep this policy, I will have to undergo a physical and I’m certain the price will increase considerably. (I imagine I will have to have a physical no matter what decision I make for life insurance going forward.)
Time to Do the Research
I will have a call with my current provider in the coming months. I do have until the end of the year.
So hit me with your best suggestions. Companies, questions to ask, amount and terms I should consider, anything else? And at what point, does the cost out weigh the benefit?
What I’ve read is to make sure that I have enough coverage to cover my debt including my mortgage. I should make sure my will is up to date to prevent or expedite probate. And, as always, I must keep the benefits up to date. (Good reminder, since I haven’t updated my current beneficiaries since all my kids are now adults.)
I realize that life insurance rates go up exponentially with age and health. My dad has often expressed the possibility of dropping some of his policies due to cost.
I believe I should still carry a decent amount for the foreseeable future. Thoughts?
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Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
