Harry Gross: Getting life insurance shouldn't be accidental

DEAR HARRY: We need your opinion about our life insurance. We are in our early 60s and have no life insurance. We do have Accidental Death Insurance through our bank, for which we pay $93 each quarter. We see ads for life insurance on TV every day, but we were told that these are very expensive and have limited amounts. We are pretty well fixed, and we need the insurance primarily to protect what we have from being hit too hard with funeral costs and taxes. Our Social Security and pensions should be enough for us when we retire. Should we go for the TV insurance, or should we speak with a broker or agent?

WHAT HARRY SAYS: Accidental Death Insurance gives you protection from a very unlikely cause. Despite all the news about accidental deaths, they are statistically rare. If you want to protect your estate, a general life-insurance policy is what you need. Those TV policies are very expensive. They have to be to cover anybody regardless of health or occupation. I suggest that you see at least two brokers or agents and get quotes on five- and 10-year terms that are renewable and convertible. Make certain that the company you choose writes the policy you have selected for New York residents. That's my measure of company safety.