Reply to Life Insurance for mid-50s

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[quote=Anonymous][quote=Anonymous]My husband and I started working with an hourly-based financial advisor outside of our area with an interest in getting help with cash flow issues. We have spent the first few months working with this advisor on getting new life insurance policies and the policies this advisor are recommending for us are so expensive. We went to the advisor with a goal of getting help with our cash flow and now we are unexpectedly down a lot of money on these new life insurance policies (if we move forward with the recommended policies).

Are expensive term life insurance policies typical for those in their mid-50s? [/quote]

If the advisor is recommending whole life insurance, run. If they are recommending term life, it is what it is. You can shop around independently and compare prices too (Costco, Fidelity, etc.). If you are not convinced, ask them to explain why you need it and what their basis was to recommend the amount and term of insurance they are recommending. Understand their logic and see if that makes sense before you commit.

On another note, most fiduciary advisors don't sell insurance products. Watch out for which investments they want to put your money in. If they recommend mutual funds or bespoke ETFs, tell them not to. These typically have sales charges and annual fees that are high. [/quote]

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