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Is Term Life Insurance A Good Choice At Age 53?

I'm trying to fine out what's the best life insurance to get at my age (53). I herd term was the best.

Public Comments

1. As always, it depends on your specific situation. Why do you need life insurance and how long do you anticipate needing the coverage?
2. That's like saying a circular saw is the best power tool. It's absolutely IMPOSSIBLE for anyone to select a "best" product, without knowing what the GOAL is. So . . . what exactly do you want the insurance to ACCOMPLISH for you? Term might be best, but might not - depending on the GOAL. Please repost, with your extremely specific goal.
3. There are many different types of term insurance: Yearly renewable term (YRT) 5,10,15, 20,25 & 30 and a product that offers term-like premiums for life. How long will you want/need the insurance? Match that term to a term policy. Or, you may need coverage until you expire many years in the future. So, look for policy that will go the distance like Universal life or Whole life. You must determine the term in years you want the insurance for and then find a plan you can afford.
4. Term is the ONLY type of life insurance you should ever buy under any circumstances. Any type of permanent life insurance is a complete ripoff.
5. there is no "best" product. it all depends on what you need the insurance for. your best bet is to sit down with your advisor and go over your situation, its their job to find a product that suits your needs and your budget. edit: humberto, you just violated the privacy of those clients, that was grossly irresponsible, i know you are newly licenced but it is behaviour like that that could have your licence taken away. that post also reflects poorly on primerica.
6. I don't know your financial situation, but yes term insurance is the best choice since its inexpensive. The question remains how long do you need it for and how much coverage do you need? How much are you able to save on a weekly basis? A more important question is why do you need life insurance? Only someone who can do a free financial needs analysis can determine how much coverage you need and for how long do you need it. Life insurance is just one main part of an overall financial plan. While you are getting life insurance, you should also invest your money in mutual funds.
7. If you are concerned with the financial security of your family, if something happens to you, then you go for a Term Insurance for a period of 17 years. You can chose the longest term whatever is available as per the plan the Insurance company is offering. But you may have to pay a higher premium, as you are older. Alternatively, there will be option for paying single premium. In any case, worldwide Term Insurance policies are supposed to the cheapest. Otherwise, you can buy an annuity(by making a single payment) which will provide you pension monthly/yearly throughout your life and thereafter, the purchase price of the annuity will be returned to your nominee.
8. Got my life license Dec. 31 2009, and was appointed with primerica bout 3-4 days later. Husband and wife 58 and 55 years old, 5 kids 14-25, they were paying $379.61 in 6 cash value life insurance polices and 1 term life policy per month . the total amount of coverage between all of them came out to 275, 000 in coverage and the cash value in the polices from approx 20-25 years of paying these policies only averaged about 10, 000 dollars. Note* 25, ooo dollars were on 2 of the oldest kids when they were first born. the husband had 150k and the wife had 75k she did not work and he made about 78, 000 dollars a year. Here is the policy I provided for them 250k/100k/15k for $235 a month 15-year term policy. Simply, 250 on him, 100 on her, and 15 on all the kids except for the oldest which would be 26 in a couple of months. We pulled out all the cash from the policies and put them into a mutual fund that averages about a 10-12% rate of return. Couple of things we had to take into consideration, he just refinanced his home at 58 years old for another 30 years for 350, 000 dollars. This poor man will be working till almost 90yrs old. They were barely making it each month. so do the math. 379.61-235 = a Savings of $144.61 They can use this savings to invest in their new mutual fund or they can use it to pay down the principal faster on their home or they can use it pay down other debt.
9. If you only want insurance for 10 or 20 years then sure it's a good idea.