I have a 15 year old son in high school and another 21 year old in freshman college both living with me. I really want to get life insurance so that my 2 sons do'nt have to carry all my burden, such as mortgage and everyday bills. (I don't want them to start working until they finish school).
If I get life insurance, how should I go about doing this? What should I know about and what should I ask for? Can i qualify with my illnesses?
Well, you may want to look at a couple of things:
1. What exactly you want that life insurance to accomplish for you (which will tell you how much, and how long you need it for), and what you can afford.
Typically, a 54 year old woman with diabetes and high blood pressure is also going to be moderately to severely overweight. If so, life insurance is going to be very expensive. Anyone can qualify for life insurance, if money is no object. The less healthy you are, the older you are, the more coverage you want, the more your life insurance coverage will cost.
Your mortgage debt isn't inheritable. So, do you need life insurance for 10 years, until your baby is 25? That will be considerably less expensive than buying a whole life insurance policy that will last more than 30 years.
The difference between term and whole life, is how long the rate is locked in for. For term life insurance it's locked in for 1, 3, 5, 10, 15, 20 years.
For whole life insurance it's locked in your entire life. As eventually you're going to die, whole life insurance costs a lot more than term life insurance.
You probably need to set the exact goal first, and then compare multiple life insurance quotes. Here's how you can learn more about life insurance for diabetes and compare life insurance quotes today.