Life Insurance Suggestions
I am 65 and my wife is 63. We have no life insurance now. The Annual Suggestions portion of our report indicates a recommendation of Life Insurance for me in annual amounts beginning in 2018 for $56K, rising each year to 2023 at $153K and then declining till my presumed death in 2041 to $10K.
I assume these are benefit amounts that would allow my wife to maintain the desired standard of living should I die "prematurely", correct?
Can you offer any advice on how to put this advice into action at my age? Is it really practical to initiate a different term life plan every year, and is there even such a thing as 1-year term plans? Everything I see are 10-year or more.