Sunday, June 08, 2008

Life insurance up to age 65

Should you buy term insurance up to age 65 or whole life insurance?

The best plan is a decresing term plan, ceasing at age 65 or covering 25 years only. You do not need life insurance after age 65, as you are likely to have retired from work, and there is no lost income to be covered.

Read this FAQ:
http://www.tankinlian.com/faq/age65.html

Here are the benchmark premium rates:
http://www.tankinlian.com/faq/benchmark.html
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2 comments:

nhyone said...

I find that decreasing term is only worth it for the first 10-15 years. After that, the coverage is too little and it's better to cancel it.

June 08, 2008 10:21 AM
Jeow Li Huan said...

Most people, while not needing insurance coverage, needs retirement savings. Whole life plans helps to accumulate the cash value needed for retirement.

Frugal people who would save enough for retirement is rare. Whole life thus benefits the spenders more than term.

June 23, 2008 3:35 PM

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