I’m 50 Today and Life Insurance is on My Mind

May 20, 2016 by Cyril Tuohy

I hit the Big 5-0 May 20th, at about 4:30 p.m. From the perspective of life insurance, I’ve entered a new age band – 50 to 54 for many actuaries – so it’s a good time to take stock about where I stand with regard to life insurance.

My wife, who is 49, and I are a decade into our 30-year term life policy issued in February 2006 by the West Coast Life Insurance, now owned by Protective Life.

We got a great deal and we have my late father-in-law to thank for it. We pay $231 a month or about $2,772 a year for a $1 million policy on myself and a $1 million policy on my wife. Should either one of us die, our surviving spouse and our daughter will be set for life.

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Originally Posted at Insurancenewsnet on May 20, 2016 by Cyril Tuohy.