Who’s got it? How much coverage and what are you paying? My wife says I’m the only one who does not have it. I’m 38 and don’t plan on checking out any time soon. We filled out the paper work for some coverage and now they have to do health tests on us which will decide how much the coverage will cost. It seems like a waste of money to me.
Life insurance
- Thread starter chadly
- Start date
Fachie Motion
Member
- Joined
- Apr 28, 2008
In my opinion you don't need it unless you have kids.
You might also want it to set your wife up in case you checked out without her.
Getting dead can be expensive depending on the service and your final resting place.
You can get any amount of coverage as long as you are willing to pay for it. Things like your weight , age , occupation , and tobacco use can change a monthly payment drastically.
If you decide to get life insurance take your time , shop around and read everything. Some policies seem great and then you read the fine print and find out no cash is paid out unless you die on the 4th of July , in a hail storm , with a baby zebra present.
Good luck
You might also want it to set your wife up in case you checked out without her.
Getting dead can be expensive depending on the service and your final resting place.
You can get any amount of coverage as long as you are willing to pay for it. Things like your weight , age , occupation , and tobacco use can change a monthly payment drastically.
If you decide to get life insurance take your time , shop around and read everything. Some policies seem great and then you read the fine print and find out no cash is paid out unless you die on the 4th of July , in a hail storm , with a baby zebra present.
Good luck
imjoesnuffy
I just break stuff!
- Joined
- Sep 13, 2005
Sounds like a smart lady, that or she is gonna get you offed, j/k.
Whatever you do, don't go with a whole life policy. They are pure BS, go with a term policy. They can make a whole life policy sound like the greatest thing since sliced bread, accumulating millions of dollars on paper, but the return on it is usually a lot less than 5% from what I have seen, plus has a very limited payout the first few years. Whatever policy you go with, read the fine print. I have my vehicles, home and life insurance through the same company (USAA), so they give a discount.
I have $900,000 on me, $100,000 on the wife and $10,000 on each of my three children. I pay about $55 a month for life insurance.
I also have home and car insurance through USAA but the boss has not checked on life insurance through them. I appreciate you putting some numbers down for me and I'm deffinately going to have to check with them. The quote we got would be over double what you are paying for similiar coverage.
Just kidding.
State Farm.. $16 a month, non smoker $100,000.
wife $14 a month , non smoker $100,000 both 20yr term, so theres like 9 yrs left.
13yr daughter whole life $12 or either $14. a month $20,000 my wife and i are term life.
plus $15,000 ea. at our job, and im not sure but it is a possiblity that the job insurance doubles if its accidental.
The best insurance at the time i found and the cheapest was Zurich direct. their price back then was unbeatable.
Only reason i changed my mind was i talked with local state farm agent and said if something would happen i could go down to the office and pick up a check book with a death certificate..right then, no waiting in this time of grief.. i thought that was way more reasonable than calling , waiting, and hasseling over a phone call from an out of town company....
Thanks this remind me i have to let my wife know how to go about these things, so if you guys dont hear from me soon you know she collected on my behalf...
State Farm.. $16 a month, non smoker $100,000.
wife $14 a month , non smoker $100,000 both 20yr term, so theres like 9 yrs left.
13yr daughter whole life $12 or either $14. a month $20,000 my wife and i are term life.
plus $15,000 ea. at our job, and im not sure but it is a possiblity that the job insurance doubles if its accidental.
The best insurance at the time i found and the cheapest was Zurich direct. their price back then was unbeatable.
Only reason i changed my mind was i talked with local state farm agent and said if something would happen i could go down to the office and pick up a check book with a death certificate..right then, no waiting in this time of grief.. i thought that was way more reasonable than calling , waiting, and hasseling over a phone call from an out of town company....
Thanks this remind me i have to let my wife know how to go about these things, so if you guys dont hear from me soon you know she collected on my behalf...
- Joined
- Dec 7, 2002
I had term for years........ dont buy the agents BS.... just get 20 year Term and it will drop the rate by 75% give or take.
This is something that you should have with kids.... 5-10 times your annual income.
No I am not an insurance salesmen just trying to take care of the people I love
None of us plan on checking out early...... but things happen.
Take care of your family
Ty
This is something that you should have with kids.... 5-10 times your annual income.
No I am not an insurance salesmen just trying to take care of the people I love
None of us plan on checking out early...... but things happen.
Take care of your family
Ty
turbofabricator
Well-Known Member
- Joined
- Mar 7, 2004
YES!!! Term and ONLY term insurance. Most A+ rated companies offer 20 year level term. (Check AM BEST for their rating) Life insurance is nothing more than renting an estate. Do you already have a sizeable estate? If so, buying life insurance is a total waste. All Life insurance does is allow you time to build your own estate. Read that carefully.....build YOUR OWN estate. Do NOT let an insurance company attempt to build an estate for you. Seek a "forced" savings plan with a good mutual fund or in some other form of savings that is tax deferred. i.e. IRA, 401K, SEP, ect. Keep your monies close. Don't ever co-mingle insurance with investing. EVER!!! As soon as an agent starts talking to you about a "great savings plan", politely stand up and ask him/her to get OUT!!! (unless they are securities licensed with at least a series 6 and 63 lic. or preferably a series 7, and are discussing a separate account with a separate company) Tell them that theives are not welcome in YOUR home. Don't even give them a chance to say "Term?.....Oh, I've got term! You didn't tell me you wanted TERM. I though you would want to OWN your insurance, and not rent it. I figured you would want to build equity in your policy, and not just throw it all away. With Whole life, Universal Life, Variable Life, ect. it builds equity. And after 35 years, we will refund all your premiums and that's like having FREE insurance for 35 years!!! Doesn't THAT sound like something YOU would rather have? I mean, TERM insurance is like leasing a car.......at the end of the lease, you have NOTHING! I don't think that's what you want with insurance, do you???? What if I give you a fancy calander?? How 'bout golfing with me every Wednesday? Who told you that Term was better? Not some lame TV show was it? Those guys really don't know what they are talking about! I work in this business 50-60 hours a week and KNOW what I am talking about! I've been selling Insurance for over 20 years, and have a great repore with my customers! I'm a CLU for Kristes SAKE!"
If any of you have any sort of cash value life insurance, READ THE POLICY!!! If you die, they KEEP your savings portion. If you borrow (your own) money out of the cash value, it will reduce the face amount by the amount you borrowed!! You pay for three things, but only get ONE!!! READ your policies folks!
If any of you have any sort of cash value life insurance, READ THE POLICY!!! If you die, they KEEP your savings portion. If you borrow (your own) money out of the cash value, it will reduce the face amount by the amount you borrowed!! You pay for three things, but only get ONE!!! READ your policies folks!
Disability first...
I agree with the proponents of Term insurance who posted above. You are buying something to replace your income, and not to build an estate. "Buy Term and invest the rest" used to be the mantra. Build an estate on your own, insurance is only one tool to help get through a catastrophe.
But for most of us guys approaching middle age, we are more likely to be DISABLED than DIE (of course these numbers change as we age). If you had to run out tomorrow, I would strongly urge you to get DISABILITY insurance.
If you die, your family has to pick up the pieces and make the mortgage payments, send the kids to college, etc without your contributions. But if you become disabled, they still have to do all those things PLUS help pay for your care-- you become a financial burden. So true disability can actually be more of a drain than if you just kick the bucket and leave the scene.
So yes, buy Term just as folks have said, but remember that you're more likely to become disabled than die depending on your age so don't forget to look at disability before (or at the same time) you start buying gobs of life insurance.
Good luck!
I agree with the proponents of Term insurance who posted above. You are buying something to replace your income, and not to build an estate. "Buy Term and invest the rest" used to be the mantra. Build an estate on your own, insurance is only one tool to help get through a catastrophe.
But for most of us guys approaching middle age, we are more likely to be DISABLED than DIE (of course these numbers change as we age). If you had to run out tomorrow, I would strongly urge you to get DISABILITY insurance.
If you die, your family has to pick up the pieces and make the mortgage payments, send the kids to college, etc without your contributions. But if you become disabled, they still have to do all those things PLUS help pay for your care-- you become a financial burden. So true disability can actually be more of a drain than if you just kick the bucket and leave the scene.
So yes, buy Term just as folks have said, but remember that you're more likely to become disabled than die depending on your age so don't forget to look at disability before (or at the same time) you start buying gobs of life insurance.
Good luck!
D's 6 Turbo
New Member
- Joined
- Feb 20, 2002
When you read your policy, determine if it's option 1 or option 2(sometimes called option a or b). Option 1 does not pay your death benefit but not your cash value, option 2 pays your death benefit plus your cash value.
turbofabricator
Well-Known Member
- Joined
- Mar 7, 2004
OK...That's like saying choose A) brain cancer B) pancreatic cancer.
Still a not good. Read the fine print on face values/cost for options. Buy a term policy (ONLY if you identify a NEED for insurance) and THEN cancel your cash value policy and cash in your cash value. (Then invest it WISELY in a separate account) NEVER cancel any policy until you have a replacement policy in your hand!!!!!! Oh.......and get ready for the old agent to give you a "visit". My feeling is if they could do better, why didn't they from the start? Becasue they make 80% to 105% commission. THAT'S why. Let's see........80% commission on a $2100/yr policy (plus renewals) vs. an 80% commisson on a $250/yr policy with both having the same face value? You figure it out. Do they drive a Mercedes? By the way, if you cancel your policy, (with-in the first year) they have to pay the commission back, and they also loose renewals AND persistency bonuses, which are usually BIG if they have alot of clients. They WON'T like THAT!!turbofabricator
Well-Known Member
- Joined
- Mar 7, 2004
Nope, just the products they offer. Term, Whole Life, Variable Life, ect. The most expensive nets them the best pay check. That is why agents even sell Whole Life. Not because it is a viable product, it makes them more, ALOT more, money. They have a rate card (now done on computer) that tells them how much a particular plan is. (it is only MORE expensive if you have a medical or other high risk activity or profession, i.e. skydiving, racing, scuba diving, underwater welding/salvage diving, smoking, ect.)
Similar threads
