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Life Insurance Q&A
Posted on 11/7/16 at 10:14 pm
Posted on 11/7/16 at 10:14 pm
Im 24 and in the market for some life insurance. Already have an old policy but with some lifestyle changes (wife and 2 kids under 2) thinking I may need to up and modify some coverage. Looking for options: term vs. whole life? Also, which companies are pretty reputable?
This post was edited on 11/8/16 at 9:15 am
5
Posted on 11/7/16 at 10:56 pm to jkcooper92
30yr term at 10x your salary.
Shop around at Zander, select quote, etc. if you'd prefer to work with a local broker pull the best price from there and have the local guy match it...they can usually write for multiple carriers.
Shop around at Zander, select quote, etc. if you'd prefer to work with a local broker pull the best price from there and have the local guy match it...they can usually write for multiple carriers.
Posted on 11/8/16 at 7:29 am to jkcooper92
Yep I'd go a million minimum and just get it out the way. At 24 it will cost nothing. You can grab another half mill down the road
Posted on 11/8/16 at 9:19 am to LG2BAMA
Yea I was leaning toward 1 mil in coverage but was just curious on term coverage? Also I got a few quotes from my State Farm agent. 1 mil for 20 yr term is about $80 a month. Anyone got any pros and cons about State Farm life ins?
This post was edited on 11/8/16 at 9:20 am
Posted on 11/8/16 at 9:37 am to jkcooper92
I'd look at NY Life or NW just in case you wanted any conversion options down the road. Or you can go the 30yr route. I can run any of those scenarios if you're interested.
bigerntd @ google
bigerntd @ google
Posted on 11/8/16 at 9:50 am to jkcooper92
State Farm is super expensive when it comes to life insurance. I worked for them for years, and you should shop around.
Posted on 11/8/16 at 9:51 am to jkcooper92
quote:
just curious on term coverage?
Unless you have a family history that indicates you might die early, term at your age is fine. Understand that term is temporary and does not relieve you of your obligation to save.
quote:
Anyone got any pros and cons about State Farm life ins?
I have 75K of term with State Farm from when I was in college and they gave me a deal on car insurance if I got it. It's fine.
As long as the insurer is decently rated, term is fine from pretty much anywhere.
Posted on 11/8/16 at 10:14 am to jkcooper92
I think Zander.com is a good site that compares different companies for you. Ours is through Protective Life.
Posted on 11/8/16 at 10:32 am to BigErn
Why is everyone suggesting a 30 yr term? I was leaning towards 20 yrs by that time my kids will be grown and debt will be low. Also I was thinking of State Farm only bc that's who all my family is insured through and don't really know any other companies that are know for good insurance.
Posted on 11/8/16 at 10:38 am to jkcooper92
quote:Sometimes the price difference isn't that much. Would you pay a couples bucks extra to add an additional 10 years? My suggestion it to look into and make a decision after that.
Why is everyone suggesting a 30 yr term? I was leaning towards 20 yrs
Posted on 11/8/16 at 10:53 am to jkcooper92
quote:
Why is everyone suggesting a 30 yr term?
Because you're young. And while the kids may be over 18 in 20 years, you may still have needs to cover in the event you die.
The difference between 20 and 30 should be minimal.
Look elsewhere. I'm covered at $1M for $58/mo and I locked in at an age older than you.
Posted on 11/8/16 at 11:00 am to jkcooper92
80 bucks is a little expensive for 20 year. for being 24 I'd hope it was closer to 60 a month for 30 years. I've even seen some companies offer a 40 year. I'd stretch it out as long as I can if its not much difference in price.
Also just to be clear the whole concept of the term insurance for 30+ years is that by the time your in your mid 50's you should be worth a few million dollars and you no longer need insurance on you life.. it has already been successful
Also just to be clear the whole concept of the term insurance for 30+ years is that by the time your in your mid 50's you should be worth a few million dollars and you no longer need insurance on you life.. it has already been successful
This post was edited on 11/8/16 at 11:03 am
Posted on 11/8/16 at 11:48 am to LG2BAMA
quote:
80 bucks is a little expensive for 20 year. for being 24 I'd hope it was closer to 60 a month for 30 years
He quoted me at standard rate but he said I will get preferred rate bc I'm in good health and non tobacco. So instead of 80 could be around 60
This post was edited on 11/8/16 at 1:09 pm
Posted on 11/8/16 at 2:34 pm to jkcooper92
That seems crazy high for your age.
My wife and I didn't buy life insurance until we were 30. Both of us are insured with Mutual of Omaha for 20 years at over $1 mil, with her monthly premium being $37 and mine at $42.
We used Intelliquote and it was pretty painless.
My wife and I didn't buy life insurance until we were 30. Both of us are insured with Mutual of Omaha for 20 years at over $1 mil, with her monthly premium being $37 and mine at $42.
We used Intelliquote and it was pretty painless.
This post was edited on 11/8/16 at 2:36 pm
Posted on 11/8/16 at 2:41 pm to jkcooper92
Try term4sale.com. Very easy to use and you don't have to enter personal information to get quotes. If you want a more precise quote, you can enter personal info, but you don't have to. So you don't have to worry about a sales agent calling/emailing you.
I just used it about a month ago to purchase a 20 yr./1 mil for $36/mo. I'm 31 in good health.
I just used it about a month ago to purchase a 20 yr./1 mil for $36/mo. I'm 31 in good health.
Posted on 11/8/16 at 2:57 pm to ridlejs
The monthly premiums everyone is stating they have are exceptionally low. Only concern I have about that is I haven't heard of many of these companies. How do I know they are reputable. I know State Farm in my home town is reputable being my whole family is insured through them. Might be more but I know I can count on them.
Posted on 11/8/16 at 3:46 pm to jkcooper92
All these companies being named (Selectquote, Intelliquote) are just acting as agents for insurance companies like: Prudential, Mutual of Omaha, Transamerica, AIG, Voya, Lincoln, etc.
You can do your own research on these companies if you don't feel comfortable, but in my opinion choosing State Farm mainly because your family uses them isn't a great idea.
It's not perfect, but you can check this site for company ratings: LINK /
You can do your own research on these companies if you don't feel comfortable, but in my opinion choosing State Farm mainly because your family uses them isn't a great idea.
It's not perfect, but you can check this site for company ratings: LINK /
Posted on 11/8/16 at 4:39 pm to jkcooper92
Good question. The company ratings that are shown help show you how reputable, or creditworthy, the company is. On the website I listed earlier you can filter the selection based on the company rating. If you only want the highest rated insurance companies, you can filter the quotes to show only those companies.
Posted on 11/8/16 at 5:03 pm to TheChosenOne
quote:
choosing State Farm mainly because your family uses them isn't a great idea.
In the link you posted they're rated no lower than an A. Not just they use them bc of the convieinece also. If I have a problem call my agent whom I know personally or walk into his office at any time.
Posted on 11/8/16 at 6:00 pm to jkcooper92
$48 for $1M 20yr term and $73 for $1M 30yr term. A+ rated carrier. Not even their best class rate.
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