All Life Insurance Tips

Who has the best price for term life insurance for a 58 year old female?

I need to get my wife some life insurance. If something were to happen I don't have the money to cover her funeral expenses. I should have done this years ago but thought I was the only one that needed it as I would probably die first. As we are getting older I see this was stupid thinking on my part as insurance was cheaper when we were younger. Any help on which companies to check will be appreciated.

Public Comments

1. Your premiums could a few thousands a year at her age. A better idea would be to set up a saving account for funeral expenses. You'd be surprised that in a couple of years, you could have $5,000 in that account. If not, keep in mind that cremation is only about $500 (if worse comes to worse). Open a savings and become self insured. That way you never have to worry about premiums going up. Also sock away money in retirement plans to cover your own funeral expenses.
2. Call a life insurance broker and they'll show you multiple companies and help you find the "best" priced plan. Brokers are free and get paid by the carriers, not by you. Telling you to save your money is amateur, borderline child-like advice. A $100,000 20-year term policy can be in the neighborhood of $30/month (for a healthy 58 year old female). If she died a month later ask Cold how you to arrange for final expenses on the $30 you saved by not buying life insurance.
3. Cold is off the mark in her entire response! The best price would depend on the amount you are applying for. Some companies focus their best prices on big policies, some cater to the small policy market. Also, depends on how long of a term you want as well. Some companies cater more to smokers than non-smokers, etc. It will also depend on where you live...every state/province/country offer things slightly different, so prices vary from location to location. You can go to a website like winquote.net (great website...you just enter in the general information and it gives you a quote...no entering e-mail addresses or phone numbers or passing you on to an agent...just simply gives you the answers you need!) and play around with the numbers to find out the best price....then you should contact a local insurance broker to give you more specific quotes based on an actual application (in case there are potential ratings, etc)
4. At this point in time, 80% of new life insurance premiums come from independent brokers. While there's nothing wrong with the captive career agency companies (the ones with an insurance company name on their business card), in most cases, the most competitive products are sold in the independent brokerage channel, especially when it comes to term life insurance. There are nearly one thousand life insurance companies in the USA. Plus, every state will have slightly different products, and even different premiums due to state premium taxes. I recommend you find a local independent agent that specializes in life insurance. A good place to start is the National Association of Insurance and Financial Advisors, which is a trade association of life insurance agents. A link is below.