At that point, the person may be denied coverage if in poor health. This gives policyholders the option to convert their term policy into a permanent policy once the term has ended, but without having to undergo another round of medical underwriting. Those buying a term policy should be sure to buy "convertible" term insurance, advisors said.
She also bought $250,000 of permanent insurance, earmarked for Cheng's husband, to help pay off their mortgage.Ĭoupling term and permanent insurance policies can help make an insurance purchase more cost-effective than buying just permanent insurance, advisors said. If Cheng were to have died prematurely, each child would have received $250,000 to fund their educations. Her husband also works and has a regular income. She purchased a 20-year term policy with a $750,000 death benefit when all three of her kids were younger than age 18. Thinking about these questions will help guide the term of a policy, Cheng said.Ĭheng offered her personal situation as an example. Prospective buyers should consider the "three Ls" when deciding how much life insurance to get: liability, loved ones and legacy, said Cheng, CEO of Blue Ocean Global Wealth.įor example, if you die, how much money would you want to leave for liabilities such as a mortgage, student loans or auto loans? How much money would loved ones such as a spouse and kids need if they were to suddenly lose a policyholder's income? How much would you want to leave as a legacy for causes that are important to you? Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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