[speedball1]

Wondering about Term Life Insurance.

1) Is this a certain kind of Insurance and are there other choices?

2) Where would you find $500,000 or 1-2 Million dollar policy and which would be the best kind and the name of Insurance company's that carry such policys and medical exams or not?

3) Would it be cheaper to buy say 2-4 $500,000 policys or straight $1Mil. Or $2Mil.

4) Can you have policys with more than one company and if so do you need to inform each one of the other?

5) Also, wondering can a person buy life insurance on another person that is not a relative or spouse/children but a close friend?

Thank you for your time.
Tom

[Fr_Chuck]

1. There are dozens of choices and various combinations.
The basic types are whole life, time payment specific ( such as 20 year paid) and term. Then there are things that use term insurance and place the rest of the payment into investments.

2. any life insurance company would be glad to do 1/2 million to 2 million dollar policies, I would like for one that is highly listed in AM Best insurance ratings.

3. Normlly "cheap" is not the right word, since those companies often with lower AM BEST ratings may have cheaper prices.
Also most term policies raise in rates every year so you have to look at what prices are going to be in 3 to 5 or 10 years also.
But normally one policy in alarger amount will be cheaper since there is not additional policy fees.

4. You can have 100 policies with one company if you want to and they will insure you for that much.

You can buy life insurance on your children, but you can not buy it on a close friend, they will have to buy it, ( they can make you the owner of the policy but they have to buy it) ** as owner you can pay for it, but they will have to do the application.

*** missed the medical, most policies over 500,000 will require medical examine, also after a certain point they also will look at your earnings, for example if you earn 10 dollars a hour at McDonalds, they may not sell you a 2 million dollar policy.