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Message
Best Term Life Insurance?
Posted on 8/26/09 at 8:44 pm
Posted on 8/26/09 at 8:44 pm
What are your experiences?
I have heard a lot about Zander insurance, but are there other good low-cost insurers? I am looking for a $1 MM term life policy -- 30 years old, good health, nonsmoker.
Thanks in advance.
I have heard a lot about Zander insurance, but are there other good low-cost insurers? I am looking for a $1 MM term life policy -- 30 years old, good health, nonsmoker.
Thanks in advance.
4
Posted on 8/26/09 at 11:56 pm to Bayou Tiger
Why do you want term?
Posted on 8/27/09 at 4:06 am to TigerNlc
quote:
Why do you want term?
Lowest cost for the coverage, no interest in paying in additional money for a cash value "investment" with whole life
Are there other options besides term and whole?
Posted on 8/27/09 at 6:57 am to Bayou Tiger
I have the same policy with Lincoln Financial. I previously used AIG.
I previously was paying $88.38 with AIG, but now am only paying $56 and some change with LF.
I previously was paying $88.38 with AIG, but now am only paying $56 and some change with LF.
This post was edited on 8/27/09 at 6:59 am
Posted on 8/27/09 at 7:19 am to Bayou Tiger
We have Protective Life ... $500K ... I think my husband's policy is like less than $400 per year. He is good health, nonsmoker, now age 39 but he was about 33, 34 when it was written.
Posted on 8/27/09 at 9:38 am to LSUPIMPRGB
quote:
You should consider the financial strength of the insurer
This....
and term is great vehicle for basic insurance only if you're using other money (that you'd be spending on whole) on investments in 401k or roth IRA. You need to be building a cash value somewhere.
Posted on 8/27/09 at 10:56 am to TopWaterTiger
quote:
You need to be building a cash value somewhere.
Exactly, but never within an insurance policy.
Posted on 8/27/09 at 11:48 am to Will Cover
quote:
This....
and term is great vehicle for basic insurance only if you're using other money (that you'd be spending on whole) on investments in 401k or roth IRA. You need to be building a cash value somewhere.
+1 but unless you plan on dying within that term your payments will jump significantly when you renew and have nothing to show for that money you put in. Why not build cash value in insurance? Some pay better interest than anything else at the current time.
Posted on 8/27/09 at 12:10 pm to TigerNlc
quote:
but unless you plan on dying within that term your payments will jump significantly when you renew and have nothing to show for that money you put in.
Posted on 8/27/09 at 12:23 pm to Cold Cous Cous
Dude, why not explain instead of using a emotion?
Posted on 8/27/09 at 12:59 pm to TigerNlc
Dude, no one is "planning to die" in the next 20 or 30 years, so under your theory no one should buy life insurance. But insurance is not designed for planned events.
Posted on 8/27/09 at 2:43 pm to Cold Cous Cous
quote:
Dude, no one is "planning to die" in the next 20 or 30 years, so under your theory no one should buy life insurance. But insurance is not designed for planned events.
Why are you acting like a a-hole? I was seriously asking your opinion. No one gains anything from the conversation is you just put a emotion. It's not my theory, it's a fact after the term is over you just invested in something with 0 return. If you need a large amount of life insurance and can't afford to pay a lot then I would suggest term but if you have a large income I wouldn't suggest term.
This post was edited on 8/27/09 at 2:46 pm
Posted on 8/27/09 at 6:53 pm to TigerNlc
quote:What you have to show for it is the large pile of cash you saved (plus interest) by not paying whole life premiums, or did I miss something?
Why are you acting like a a-hole? I was seriously asking your opinion. No one gains anything from the conversation is you just put a emotion. It's not my theory, it's a fact after the term is over you just invested in something with 0 return. If you need a large amount of life insurance and can't afford to pay a lot then I would suggest term but if you have a large income I wouldn't suggest term.
Posted on 8/27/09 at 7:32 pm to Bayou Tiger
Insurance is insurance, investments are investments, never mix the two. Avoid whole life, variable life, universal life like the plague. For proof of this opinion, try to find someone that thinks these products are a good idea, that does not stand to profit from them. At one time I did not know any better, and was paying $400 a year for a whole like $25K policy, dropped it and was able to by $500K.
Posted on 8/27/09 at 10:43 pm to JWS3
USBA has a 2 for 1 policy. The policy covers both you and your spouse, if you die she gets the benefits, if she dies you get the benefits, if you both die together than the kids get double.
I have $200K policy for $28 / month
I have $200K policy for $28 / month
Posted on 8/27/09 at 10:53 pm to Bayou Tiger
quote:
What are your experiences?
I have heard a lot about Zander insurance, but are there other good low-cost insurers? I am looking for a $1 MM term life policy -- 30 years old, good health, nonsmoker.
Thanks in advance.
Most life insurance agents will try to sell you the permanent policy because the commissions are higher. But, there is a time and place for term and permanent life insurance. The way to determine which policy is best is to figure out the client's needs. How long does this client need this insurance? How old do they want to be and still have this policy in force? How much of their life insurance need is permanent? Why not a large term policy to cover short term needs (20-30 yrs) and a small permanent policy to cover burial/final expenses? Etc.
These are just a few questions that you have to ask yourself when you are looking to buy a life insurance policy. Each customer has individual needs that have to be addressed in order to help the customer make the right decision.
One of the biggest questions you need to ask yourself is, do I want to put my money into a life insurance policy for 20 to 30 yrs into any company with a cheap rate? Or, would you want to feel comfortable knowing the company you choose will be there over the life of the policy?
EDITED FOR SPAM
This post was edited on 8/28/09 at 12:09 pm
Posted on 8/28/09 at 10:17 am to Bayou Tiger
If you want a policy with a safe and established company that is not going anywhere. Look into New York Life. Been around for 165 years and they are THE top rated insurance company in America. But don't take my word for it, you can research it.
EDITED FOR SPAM
EDITED FOR SPAM
This post was edited on 8/28/09 at 12:08 pm
Posted on 8/28/09 at 10:37 am to bengalbrother
Also, for the people who like to think they know about insurance. STOP WATCHING DAVE RAMSEY!! Its like ya'll are writing quotes from his books. Both term and whole life are good if used correctly but to say "avoid whole life" is just an asinine statement coming from an uneducated individual. Now I will admit its not for everyone, mostly because it is more exp, but its a great policy for certain people. Term serves its purposes, immedate/inexpensive coverage. For the people who just HATE whole life I have a question.....Would you rent a home for 20 or 30 years then move?? That is if you could afford to buy.
This post was edited on 8/28/09 at 10:59 am
Posted on 8/28/09 at 4:56 pm to bengalbrother
quote:
Also, for the people who like to think they know about insurance. STOP WATCHING DAVE RAMSEY!! Its like ya'll are writing quotes from his books. Both term and whole life are good if used correctly but to say "avoid whole life" is just an asinine statement coming from an uneducated individual. Now I will admit its not for everyone, mostly because it is more exp, but its a great policy for certain people. Term serves its purposes, immedate/inexpensive coverage. For the people who just HATE whole life I have a question.....Would you rent a home for 20 or 30 years then move?? That is if you could afford to buy.
I agree
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