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Which company? Typically these flex premium plans aren't very good but it depends on the company and how it is structured. What did your agent say was the reason for suggesting this plan?
My first question would be, why are you shopping for life insurance in your early 60s?
Not that there aren't legitimate reasons to do so; there just aren't a lot of them. Just want to be sure you aren't being pushed toward something you don't really need by a greedy salesperson or - perish the thought - potential beneficiary.
Term insurance with a guaranteed premium will give you the most bang for the buck, but probably isn't an option for you at this point. If you really need it just go with regular whole life and don't buy more than you need. I don't really know what "flexible premium adjustable life" means but it sounds like an overpriced gimmick.
Which company? Typically these flex premium plans aren't very good but it depends on the company and how it is structured. What did your agent say was the reason for suggesting this plan?
Liberty Mutual. I wanted something that went for life, not a term plan and it was an additional policy I was thinking of on top of my other one and we are seniors.
My first question would be, why are you shopping for life insurance in your early 60s?
Not that there aren't legitimate reasons to do so; there just aren't a lot of them. Just want to be sure you aren't being pushed toward something you don't really need by a greedy salesperson or - perish the thought - potential beneficiary.
Term insurance with a guaranteed premium will give you the most bang for the buck, but probably isn't an option for you at this point. If you really need it just go with regular whole life and don't buy more than you need. I don't really know what "flexible premium adjustable life" means but it sounds like an overpriced gimmick.
It was something we thought of on our own - nobody even knew about it. Thinking of a non-relative who is disabled we might have wanted to leave it to - for that purpose only. It may be a moot point now, but I am still curious. Thanks.
DO NOT want term. Know all about it. No, something for life, till 100.
Liberty Mutual. I wanted something that went for life, not a term plan and it was an additional policy I was thinking of on top of my other one and we are seniors.
If you want a good whole life policy, call a Northwestern Mutual agent in your area. They also have financial planners so if you want someone to review your retirement plans, they can do that as well. I would not go with a whole life plan from Liberty Mutual, especially the one you described.
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