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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We have an advisor and he suggested getting term life back when we were mid 30s, and had young kids and a mortgage. However, he just suggested we do it, and didn't point us to any vendors. I chose a vendor on my own, so he didn't get any kickback from it, that's for sure.

20year term life if you're in mid-50s is going to be super high. The avg life expectancy in the US is 76 years, so there's a high chance the insurer may have to pay out before the term expires.

If you really need it, get 10 year term instead.[/quote]

Counterpoint:  there are some advantages to getting a longer term than you think you'll need.  Things don't always work out the way you think they will.  [b]My in-laws just purchased a term life insurance policy in their mid-60s.  They planned on being retired by now but FIL was laid off at 55, couldn't get rehired at anything close to the same pay, and is now self-employed earning around $40K - he'll need to work until his early-mid 70s.  MIL could survive if he passed prematurely but at a significantly lower standard of living, so they got a term policy.[/b]

Also, you can't just plan on getting the shortest term and then buying a new policy if needed.  Because coverage and pricing are based on your health, developing any serious medical conditions could make life insurance unavailable later on (or prohibitively expensive).  I got a 30-year term at 38 despite the fact that I don't think I'll need it more than 20 years.  If that's the case, I'll just drop it early. But I still have memories of seeing news stories following the 2008 crash of people who thought retirement was imminent yet ended up having to work a lot longer.[/quote]

They were scammed.[/quote]

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