What Type Of Life Insurance Is Best For My Husband And I? (we Just ...

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Term would probably be your best bet right now. you are both young and if in good health, the premiums will be cheap. most term policies offer a conversion option to where up to a certain date you can convert your term into a permanent (universal or whole life) plan that will accumulate value. the value can then be borrowed against to pay for your any expenses you may come across.

Given your age and your needs I would suggest level term life insurance for a 30 year term. In addition, you may want to request the endorsement for conversion privileges added to your policy. This will allow you to convert a certain amount of coverage to whole life insurance by a certain date in the future. That way, you have lifetime coverage, no matter what happens to your health in the future. This is exactly what I did for my family. That way I got the maximim amount of life insurance protection and made sure I had some whole life coverage that will not end after 20 or 30 years. I chose a small amount of whole life to cover final expenses and build some cash value. I would imagine when you are 54 years old and the 30 year term insurance expires you will have enough money saved to pay your final expenses and any outstanding debt. The life insurance premiums will increase at pre-determined intervals such as 1 year, 5 years, 10 years or 20 years. This depends on the type of term life policy you select. A term life policy is often the choice when your life insurance protection needs are higher for a period of time, then drop down to lower levels in later years, such as when your family is growing. In these situations, term coverage allows you to purchase important death benefit protection without going beyond your budget. Also, if the coverage is convertible (the coverage can be “converted” to a comparable permanent life insurance policy, without the need to provide evidence of insurability), you can get the coverage you need today — with the ability to purchase permanent...

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