The only life insurance a 55-year-old man with a wife and teenage child has is through his employer. He is primarily interested in money for death/funeral expenses and a little bit more to supplement his family. What should he do to improve his situation? Assuming the man is healthy enough to qualify medically and that money is tight, a 10-year level term life policy with a conversion right might be the best place to start. If his family is financially dependent on his income, then he should probably consider a policy that would cover more than just funeral expenses. A healthy nonsmoker could buy $500,000 of coverage for less than $100 month.
Is dad’s life insurance through work enough?
From Fox Business
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Unfortunately, a diagnosis of cancer, heart disease or stroke is common before age 65. If you’re solely offering your clients life insurance, you’re only partially protecting them.
Do you have clients that want to pass more money to their heirs??