Life Insurance Recommendations In Your 40’s
Goals:
Income replacement with term life insurance: income replacement, to cover mortgage, debt, college with 10, 15, 20, 25 or 30 year term life insurance. This is the cheapest most cost effective life insurance coverage.
Cash value accumulation with permanent life insurance: Whole life, Indexed Universal Life (IUL) or Universal Life (UL), preferably an increasing death benefit option, option B.
One can get two policies, both term and permanent, to cover objectives before and after retirement age.
Recommendations:
Term:
Protective Life “Custom Choice UL” for guarantees after level benefit period
Prudential: best current conversion options
Permanent:
Whole Life: Penn Mutual “Guaranteed Whole Life II” participating “par” whole life with dividends
For whole life quotes, consider requesting limited payment options: 10 pay, 20 pay or paid to age 65. The increased cash value accumulation or the guarantee of no further payments may work to your advantage.
Indexed Universal Life: American General, Securian
Indexed Universal Life (IUL) maximum cash value accumulation competitive comparison:
Indexed Universal Life (IUL) with return of premium:
American General “Value+Protector III”: partial year 20, full year 25 example
Life Insurance with Long-Term Care Benefits: Nationwide
Life insurance with Chronic Illness Benefits: American General
for: college savings
Universal Life: John Hancock
Guaranteed Universal Life with return of premium (ROP) option:
American General “Secure Lifetime GUL 3”: partial year 20, full year 25 (subject to face amount limit)
American National “Signature Guaranteed Universal Life”: full year 20 or year 25
Protective “Protective Lifetime Assurance UL 3-23”: partial
Tobacco Users
Universal Life: John Hancock
Whole Life: Penn Mutual
Quit Tobacco use 1-5 years ago best rates
Riders: Prudential very useful complete list of their riders for their products
Please contact me for a free and confidential quote.
Licensed agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
national producer #5543408
updated: 9/18/2023