Alan K. Warfield

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Real Estate & Insurance Services

Life Insurance

My Dad used to say, "People buy life insurance because they are afraid of dying too soon. What they need to remember is that they should also consider what happens if they live too long."

Term or Whole Life?

The age-old question is do I buy term or whole life insurance? Many times the deciding factor is the cost, since term is typically much less expensive.

The real question is: do you want to rent or to buy?

When my Dad said, "Consider what happens if you live too long", he meant this: If you buy term for 30 years and your coverage ends at age 65, there's no cash value to your policy. At the end of term insurance you've got nothing. Buying new life insurance at 65+, especially if your health or income has declined, is much more costly than buying the same insurance when you are younger.

Whereas if you buy whole life, the cash value builds and there is a value to the policy in addition to the death benefit. If you can't afford to make payments, you can draw on the value you've accrued for payments to keep your insurance current. Consider it a savings account.

What information will you need?

1. Your date of birth
2. Marital status
3. Number and age of your dependents
4. What dollar amount of coverage do you need?
5. How much income do you need to guarantee to your survivors? .....
6. Do you have other life insurance policies (through spouse, work, etc.)

In addition, your rates will depend on your health status, so we will be asking you questions about your health history (similar to the kind of form you fill out at doctor's offices), including:

7. What illnesses and ongoing conditions do you have?
8. What medications do you take regularly?
9. Have you had surgery or other major interventions within the last several years?
10. Do you smoke, drink, or use drugs?

See more details on Harleysville Group's life insurance policies and their advice on ways to get the most out of your life insurance.