When is permanent insurance a good buy?

For a long-term need, permanent coverage is an excellent choice. Let’s assume a 25-year-old needs $100,000 for as long as he lives. With a level premium to age 95, the insured would have paid $7,770 over 30 years compared with $14,129 for a 20-year term (the term rate goes up after 20 years). At age 75, the level premium to age 95 would have cost $12,950 in cumulative premiums compared with $149,754 in cumulative premiums with the term coverage.

4 “Where does the Population Live and Who Cares for Them? LTC: Diverse, Growing Population Includes Millions of Americans of All Ages,” U.S. General Accounting Office 1/01.

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