Is New York Life Insurance 5 Years Term Plan Good ? Any Drawbacks ?
Posted February 19, 2010 – 4:44 pm in: term life insuranceI would never buy a 5 year term policy, unless you’re pretty darned sure five years from now, you’re not going to need any life insurance.
If you ARE, as in, you have kids who won’t be grown and out of the house, you need to lock the rate in longer. I personally, prefer a 20 year term policy – guaranteed renewable and convertable.
2 Comments
5 year term plans are generally not competitive in price.
Shop around and compare, 10 year terms are available and will typically cost less than the 5 year term. If you no longer need coverage after 5 years, simply cancel.
The drawback of a 5 year term is that if you still need coverage after 5 years, you will need to go through this process again.
i dont know i come from Auzzie mate