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Life & Health Insurance/Term life or whole life? Which is best for us?

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Question
Dear Mr. Buob,
I am 49 and my husband is 44.  He has psoriatic arthritis and will, quite possibly, not live for 30 more years.  (But one never knows, right?) Due to his health condition, he is taking two medications that are known to reduce one's lifespan. We have no savings, and we both work, earning approximately $80k per year, combined.  We are considering purchasing life insurance on my husband but we are unclear as to which type is best, given our situation.  I am of the opinion that a 30-year term policy might be the best option, given my husband's age, health condition, and medications, plus our financial condition.  What advice can you give me?

Answer
I would buy 30 year term ins. on your husband and you for at least 250,000 or more if you can afford it.  It will probably be rated because of his health, which means it will cost more than standard rates.  It is very hard to tell how much because it is decided by medical doctors in the underwriting dept.  If you shop around, you will know you got the best deal you can get rather than just taking the first offer  that comes along.  Find a good independent agent that has many companies to choose from.  Any A rated company will be ok to buy from.  Also call Ameritas Life at 800-255-9678.  They do not sell thru agents only online because they do not pay commissions.  I got a minimum premium Universal Life policy that builds cash value only not a great deal for less money than I could get a 20 year term policy for.  And the premiums are guaranteed for 20 years to not change.  Now she got preferred issue which your husband will not get so this just may be a fluke but it shows you how things work in some cases.  There are probably other no commission policies out there but I haven't been in the business for 16 years so things change.  So do some searching and see whats available.  Good luck.   John in Las Vegas

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John M. Buob

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I am a tax planner, preparer and business owner. Spent many years in the life insurance business. I advised business owners on the the aspects of business owership and tax planning for their business. I DO NOT answer questions about the stock market.

Experience

I am a tax planner, preparer and business owner. Spent many years in the life insurance business. I advised business owners on the the aspects of business owership and tax planning for their business. I DO NOT answer questions about the stock market.

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