Analysis: Adjusting Coverage w/ Adjustable Life Insurance

An alternative which protects you against declining insurability as well as providing life insurance that meets your changing needs is to plan ahead

. Since individuals' insurance needs generally decrease as they age, most people can satisfy their needs by buying multiple policies when they are young and then dropping them progressively. For instance, at age 35, you might carry three term life policies. At age 35, one of them might expire, leaving you with two term policies. After all, by age 45, you're done paying for your kids' braces, and you don't need to support your spouse for as many years. At age 55, another policy might expire, leaving you with only a single term policy. After all, by age 55, the kids are supporting themselves, and with no child-rearing duties, your spouse may be able to get a job to support him/herself. All that remains of your coverage needs is final expenses and perhaps some standard-of-living maintenance.

Analysis: Adjusting Coverage w/ Adjustable Life Insurance

By: Mark Manderson

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