BACKNEXT

How much will a policy cost me?

It all depends on how big a lifetime benefit you choose and the level of coverage you want. You can add many different options to basic plans.

But, in general, we're talking about an annual premium that will cost a few thousand dollars a year, at a minimum. And you will pay that for a long time: from the first year of your policy all the way through until you start drawing on the policy. That could be 30 years down the line.

This is important: You will have to keep paying the premium when you are retired and likely living on a smaller income. If you stop paying your premium at any time, you can lose your coverage, including every penny you paid up to that point. If you doubt your ability to keep paying for the policy through retirement, you probably shouldn't buy it.

The National Association of Insurance Commissioners (NAIC) suggests that you spend no more than 7% of your income on premiums.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.