It all depends upon how large a lifetime advantage you select and also the degree of coverage you would like. You are able to add numerous various choices to fundamental plans.
But generally we're speaking about an annual premium which will price you a couple of thousand dollars a year, at a minimum. And also you will spend that to get a lengthy time: in the initial year of one's policy all of the way via till you begin drawing around the policy. That might be 30 years down the line.
This really is essential: You'll have to help keep paying the premium whenever you are retired and most likely living on a smaller sized earnings. In the event you quit paying your premium at any time, you are able to shed your coverage and each penny you paid as much as that point. In the event you doubt your capability to maintain paying for the policy via retirement, you most likely should not purchase it.
The National Association of Insurance coverage Commissioners (NAIC) suggests that you simply invest no greater than 7% of one's earnings on premiums.