Confused about life insurance option, is this a good deal?

[tate82]

I recently retired from a municipal job and I need to get life insurance for the first time.

The city group conversion plan, Boston Mutual Life quoted me a whole life policy for 15,000 at $52 per month.

Its been hard to talk to a real person at Boston Mutual Life so far.

I'm only looking to cover my burial costs, but $15,000 doesn’t seem like it will be enough 25-30 years from now.

I was thinking maybe get term for 25 years, then put something away every month to cover my own costs in my 70’s.

But I’m not sure if I should be thinking WL now……

 

[hannahjane]

@tate82 Go to check out prices for similar coverage at Gerber and Globe for the same insurance.

If you purchase a participating whole life policy it will be eligible for dividends and those dividends can be used to purchase additional insurance that will act as an inflation hedge.

You might consider talking about a policy with a 20 year or even 10 year payment plan so you can be done paying sooner.

 

[levnishbar]

@tate82 Age? Sex?

 

[tate82]

@levnishbar 55 y/o, male

 

[levnishbar]

@tate82 You can contact a broker. They can go over options. That premium seems high for that death benefit.