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Life insurance questions\advice
Posted on 9/29/17 at 8:59 am
Posted on 9/29/17 at 8:59 am
my fiancee and I have a 1 year old and expecting another in feb. I think its time to get some life insurance. I am 33. I actually began the process of putting some numbers down with someone.
Being insurance, are these things scams? Do they really pay the amount you sign up for? What if you suddenly die after 1 or 2 years, are they really going to write a check for lets say 1 million dollars if you only paid for 2 years?
any tips\advice for someone about to get a policy?
Being insurance, are these things scams? Do they really pay the amount you sign up for? What if you suddenly die after 1 or 2 years, are they really going to write a check for lets say 1 million dollars if you only paid for 2 years?
any tips\advice for someone about to get a policy?
5
Posted on 9/29/17 at 9:47 am to LSUvegasbombed
Start with your employer. Do they offer any life insurance options? For me, my employers have always had much better life insurance options price wise than I could get on my own.
Posted on 9/29/17 at 10:15 am to LSUvegasbombed
quote:
What if you suddenly die after 1 or 2 years, are they really going to write a check for lets say 1 million dollars if you only paid for 2 years?
Yes. That's how it works. It's a contract.
Another poster mentioned your employment, which is a decent option if you are not healthy, as you get a group rate.
However, if you should leave that employer, your life insurance obviously will not transfer. And, if you try to get it a decade from now, you will be rated as a 43 yr old, which obviously will be worse than a 33 yr old.
Call a broker, get some term for 20-30 years, and sleep well at night knowing your family is protected.
Posted on 9/29/17 at 10:26 am to BamaCoaster
quote:
Call a broker, get some term for 20-30 years, and sleep well at night knowing your family is protected.
this. the better health you are (weight and medical history being primary factors) the cheaper it will be. and shop around. i used 3-4 different brokers (and a few medical tests) to get the best rate. ultimately ended up paying less than half what first offer was with a well respected company. your auto insurer may be a decent place to start (state farm and several others also do life). also your financial advisor if you have one.
Posted on 9/29/17 at 10:40 am to lsujro
the 20 year term was suggested to me versus life
said pay the same amount for 20 years. Then renew when the policy is up.
said pay the same amount for 20 years. Then renew when the policy is up.
Posted on 9/29/17 at 12:29 pm to LSUvegasbombed
quote:
the 20 year term was suggested to me versus life
said pay the same amount for 20 years. Then renew when the policy is up.
If you are financially savvy at all, just get 15-20 year term from a broker. If you are in decent shape, should be under $40/ month.
I hate to go Dave Ramsey here, but there's no reason to have life insurance past your 50s unless you completely suck at saving money. You should have a decent nest egg saved up, your house close to paid off, your kids will be 18 or close, college saved up for, etc.
I would disagree with going with your employer, as said if you quit you want to make sure you can maintain it. Now if its through your employer like someone like Aflac that allows you to stay with them, that's one thing.
This post was edited on 9/29/17 at 12:31 pm
Posted on 9/29/17 at 1:12 pm to baldona
i was quoted about 200.00 a month
Posted on 9/29/17 at 1:33 pm to LSUvegasbombed
for what term and policy value?
Posted on 9/29/17 at 2:20 pm to LSUvegasbombed
quote:
was quoted about 200.00 a month
Don't even call that person back, go elsewhere. How much are you talking about though I guess? That's likely for whole life, all you want is term. If you are not super overweight, not a smoker, and not have a major health issue it should be around $30-40/ for each million.
Posted on 9/29/17 at 2:21 pm to baldona
i still smoke... not as much but im guessing that is why?
1.5 mil
20 year policy
1.5 mil
20 year policy
Posted on 9/29/17 at 4:44 pm to LSUvegasbombed
quote:
i was quoted about 200.00 a month
That's about right.
I just ran generic quotes for a 31 yr old smoker for $1.5.
Came out to that.
Posted on 9/29/17 at 6:01 pm to notsince98
quote:
Start with your employer. Do they offer any life insurance options? For me, my employers have always had much better life insurance options price wise than I could get on my own.
This strategy won't work out in the long run + puts your coverage at risk based on employment
Posted on 9/29/17 at 6:06 pm to baldona
quote:
I hate to go Dave Ramsey here, but there's no reason to have life insurance past your 50s
There are plenty of reasons to have life insurance past age 50. If you are a Dave Ramsey follower, you probably don't have enough money for them to apply to you
quote:
Now if its through your employer like someone like Aflac that allows you to stay with them, that's one thing.
Aflacs worksite life insurance rates aren't so highly competitive as to beat out well priced level term long run
Being a smoker throws a wrench in it
Posted on 9/29/17 at 8:15 pm to GenesChin
I'm going through a third party. I work for my family business and rather go third party.
My question though is let's say I die in 3 years or hell in two months from a car wreck or freak accident... Do they really pay the spouse the full amount? I feel like insurance companies work loop holes to get out of having to pay
My question though is let's say I die in 3 years or hell in two months from a car wreck or freak accident... Do they really pay the spouse the full amount? I feel like insurance companies work loop holes to get out of having to pay
Posted on 9/29/17 at 8:16 pm to BamaCoaster
Actually 251 for 1.6
Posted on 9/29/17 at 8:58 pm to LSUvegasbombed
Life insurance through work is great because it's the cheapest you'll find but make sure you know what you have with them. 90% of the time you are just a certificate holder and can't take the policy with you when you leave. You may not be insurable at that time. Also, several companies will eliminate the group life benefit if cutbacks are needed. Again, you may not be insurance at that time.
Also, a lot of times they are just accidental death policies. Most deaths are critical illness vs accidental deaths.
If $200 isn't in your budget get as much as you can now and re-evaluate in the future. Don't put it off...you're as young and as healthy as you'll ever be.
Also, a lot of times they are just accidental death policies. Most deaths are critical illness vs accidental deaths.
If $200 isn't in your budget get as much as you can now and re-evaluate in the future. Don't put it off...you're as young and as healthy as you'll ever be.
Posted on 9/29/17 at 9:03 pm to LSUvegasbombed
And yes, it's a contract and will pay out if you die the day after (as long as you didn't lie on the app...and if you do lie on the app, they'll still pay out after two years). Our company sends out a list every year Iof "first-year death claims"...people that died within the first year of the policy being in force. It's a ton.
The price you were quoted is on par with our rates too. With our company, you can be rated as a tobacco user initially and if you quit smoking after one year of the policy being in force, you can simply call in and have the rating switched to non-tobacco (which would essentially cut the premium in half).
The price you were quoted is on par with our rates too. With our company, you can be rated as a tobacco user initially and if you quit smoking after one year of the policy being in force, you can simply call in and have the rating switched to non-tobacco (which would essentially cut the premium in half).
Posted on 9/29/17 at 9:05 pm to GenesChin
quote:
There are plenty of reasons to have life insurance past age 50. If you are a Dave Ramsey follower, you probably don't have enough money for them to apply to you
Name one that is applicable to the average person that is not going to die with a multimillion dollar estate or tax obligation from business ownership.
This post was edited on 9/29/17 at 9:07 pm
Posted on 9/29/17 at 9:19 pm to EA6B
quote:
ame one that is applicable to the average person that is not going to die with a multimillion dollar estate or tax obligation from business ownership.
50 is not very old...
A lot of people are having kids later in life and kids are still dependent on parents income, and many grandparents are assisting with grandkids expenses (either taking care of them or helping with school costs)
People aren't saving enough and having a large debt (like a mortgage) is not uncommon in your 60s and even 70s, and their spouse cannot survive financially without their income.
People want to leave a legacy to family or an organization
life insurance is the most efficient way to pass money down to heirs
Great way to equalize an estate among heirs
Permanent life insurance has several tax benefits for people in the right position.
Posted on 9/29/17 at 9:44 pm to Slickback
quote:
People aren't saving enough and having a large debt (like a mortgage) is not uncommon in your 60s and even 70s, and their spouse cannot survive financially without their income.
People want to leave a legacy to family or an organization
Bro, those two things do NOT go together. People either leave a legacy and are debt free, or they don't. They really aren't going together.
Yeah OP Smoking ads a ton unfortunately. Personally, I would do something like $500k term life for 15 years and quit smoking. When you quit, get more.
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