life insurance

[sotc]

who here has it? what kind of policy? were looking into it seriously and have been considering 30 year term. theres others that are like a savings account but i dont think that pencils better than other investments. any thoughts would be appreciated

 

[MasterBlaster]

Nope.

 

[CurSedVoyce]

This is a very interesting subject. I had accidental life before in my past ... I too am considering getting it again as I am climbing more and more trees and have kids now ( I know late bloomer! ) My current homeowners and car insurance (Farmers) constantly offers me packages.. I am going to have to dig further in to it as I stopped smoking this year, and that was a major hold up in affording a policy..

 

[sawinredneck]

See if you have a Primerica seller in the area. It's term life, I think it's a great product, but they sell it like a pyramyd scheme. Wfe tried to sell it a while back, but we still carry with them.

 

[thattreeguy]

vetrans admin for mine,
think i got to look into another policy, 150 k isnt enough for 6 kids and wife
need 1 mil at least

 

[Newfie]

Yup, its a necessity if you have a family. You need to be able to replace your income if you are gone.

I would stay away from Primerica, since it is a pyramid scheme. You are unlikely to be helped by a knowledgeable agent but rather sold a premium committment by a guy trying to make some part time cash who won't be around to answer your questions in the future. Most primerica "agents" are out of the business within 6 months.

Term is obviously the least expensive route to go and realistically, is all that is affordable to most people when trying to properly cover a need. All of the A+ rated companies will have conversion priveleges that allow you to convert chunks of your term coverage to permanent (whole life, variable life,etc.) coverage if you should find the desire (and the $$) to do so.

Don't be afraid to shop around and educate yourself about what is available.

 

[lumberjack]

I've got a 350k life insurance policy and a accidental death/dismemberment policy.

If it's important, I can dig up the details.

 

[Old Monkey]

I just bought a twenty year policy with NorthWestern Mutual. For under two hundred a month we have a $500,000 policy on my wife and $700,000 on me. We will probably try to buy into an extended policy over time. NorthWestern Mutual has a really good track record. I'd give it a look see.

 

[MasterBlaster]

Crikey, all that shit is a mighty scam.

 

[Newfie]

A few more thoughts.

It is almost always a good idea to buy the accidental death rider. It effectively doubles the pay out in an accidental death (which is the likely scenario) for pennies on the dollar.

Shy away from an agent that is too willing to falsify applications to get approval or preferred rates. It will only lead to a headache for surviviors if payout becomes necessary.

I'm sure I'll think of more as the thread progresses.

 

[Newfie]

Crikey, all that shit is a mighty scam.

Not really. The families of dead policy holders didn't think so when I delivered them a proceeds check.

 

[MasterBlaster]

Meh, I hear ya...

 

[Newfie]

You just have to take an active role in the decisions and be smart about it. There are scammers and swindlers in the insurance business, just like the tree business. Every industry has its Nosaks.

 

[sotc]

good info mike, ill ask about that accidental thing.
man darin, thats serious coverage. i went for 300,000 on the quote as that will pay everything off, and leave money for trevin and alyssa. she has a rockin job with benefits and would be able to save up for retirement on her own with the house paid off

 

[Old Monkey]

If I get disabled NorthWest Mutual will continue to pay for my coverage too.

 

[sotc]

thats a cool feature

 

[Paul B]

We both got a package when we got our mortgage, decided to go for actual life insurance rather than mortgage coverage life insurance which just pays the mortgage off if one of use passes. Off hand I think its $250,000 for either one of us, wife says its about $24 a month for the coverage.

 

[Koa Man]

I have $385K on me and $235K on the wife. That should be enough as my youngest is 16. For a single person, life insurance is unnecessary. If you have a family, you need life insurance, unless you don't care what happens to them after you are gone.

 

[lumberjack]

Or you have other monies in store.

 

[Jonseredbred]

I chose permanent life. No health requalifications later in life.

I have limits up in the nose bleed section, I have young children and need to insure their well being.

Well worth the premium in my eyes.

 

[Newfie]

If I get disabled NorthWest Mutual will continue to pay for my coverage too.

That is another feature I forgot to mention and a good indicator of a quality policy and company.

 

[Blinky]

I used to have really good life insurance... used to. My ex-wife still has a policy on me.

 

[CurSedVoyce]

 

[cutitup]

I have term. I have it 'cause ,like others have stated, I don't want my youngin's going hungry if I go off to other places early. That having been said I took only a term policy because I'm worried for them when they are young. Once they are "older" I'm dropping it. If I croak when they are in their 20's I'm not making them rich. Get a job mang!

 

[Mr. Sir]

Like most other things, it's good to be diversified in life insurance. Term policies are good if you have children; you can get a low cost 20 year term with a high payout for a reasonable premium. The so-called "whole-life" or universal life packages, while not a great investment, still have their place as well as long-term annuities. I recommend a balanced portfolio of life insurance. Bottom line; if you can only afford one policy, get the term life.