Georgia Firearm Forums - Georgia Packing banner
1 - 6 of 6 Posts

·
Member Georgia Carry
Joined
·
11,906 Posts
Discussion Starter · #1 ·
I'd like to get some additional life insurance, but am over 50 and have a few health problems such as diabetes. But am a non-smoker.

How much realistically could I buy for about $100 a month? And what is a good company to go with?
 

·
Like a Boss
Joined
·
3,034 Posts
What's the interest you need to insure and for how long? Generally the need for high dollar (6 or 7 figure) policies is to replace the income of the primary earner in a household with minor children, but if you're over 50 then it's likely any children you have are or will soon be adults. Your spouse's support needs would be reduced by Social Security survivor benefits and her own income, if any, and her needs will be further reduced when she's old enough to access SSI and retirement savings.

In other words, rather than asking how much insurance you could get for a given amount of money, determine how much you would need a policy to pay to provide for any unmet needs your dependents would have if you passed prematurely, which is almost always much less than just your annual salary times the number of years before your expected retirement. You may end up finding that you don't need any additional coverage at all.
 

·
Member Georgia Carry
Joined
·
11,906 Posts
Discussion Starter · #4 ·
Spouse never worked outside the home, and children are 13 and 5, so a long time for them to need support if I go within the next few years.

When I retire soon, my employer provided life insurance will go to 50%, so I will need to supplement it.

What's the interest you need to insure and for how long? Generally the need for high dollar (6 or 7 figure) policies is to replace the income of the primary earner in a household with minor children, but if you're over 50 then it's likely any children you have are or will soon be adults. Your spouse's support needs would be reduced by Social Security survivor benefits and her own income, if any, and her needs will be further reduced when she's old enough to access SSI and retirement savings.

In other words, rather than asking how much insurance you could get for a given amount of money, determine how much you would need a policy to pay to provide for any unmet needs your dependents would have if you passed prematurely, which is almost always much less than just your annual salary times the number of years before your expected retirement. You may end up finding that you don't need any additional coverage at all.
 

·
Member Georgia Carry
Joined
·
11,906 Posts
Discussion Starter · #5 ·
Thanks MedicO! That's a great website.
 

·
Man of Myth and Legend
Joined
·
15,176 Posts
Yes, found it helpful to me also. I have a bit of medical history myself. Tough to find someone who was willing to take the risk.

Nemo
 
1 - 6 of 6 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top