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Started By
Message
Everybody wants to sell me insurance...
Posted on 2/4/14 at 3:46 pm
Posted on 2/4/14 at 3:46 pm
...which ones do I need?
TIA
TIA
7
Posted on 2/4/14 at 3:52 pm to white perch
I just got a pitch for Whole Life and Disability through Northwestern Mutual during my lunch break today.
I just turned 27 and a completely healthy non-tobacco user. Maybe the MT can sell it to me better than they did?
I just turned 27 and a completely healthy non-tobacco user. Maybe the MT can sell it to me better than they did?
This post was edited on 2/4/14 at 3:52 pm
Posted on 2/4/14 at 3:52 pm to white perch
Insurance is needed for life changing events:
1. Life insurance: if you die you want your family to have their financial needs met. The amount depends on lifestyle and personal chioce
2. Disability insurance: if you cannot work, you need income.
3. Auto insurance: it's the law and accidents can be very expensive
4. homeowner's/renter's insurance: if you have a mortgage it is required. If you rent a place, you need it to cover your poseessions in the event of fire or other disasters
5. health insurance: if you get real sick, you need it.
These are the big ones. In general, I don't insure small stuff like vacations, appliances, TVs, etc, but everybody gets to choose.
1. Life insurance: if you die you want your family to have their financial needs met. The amount depends on lifestyle and personal chioce
2. Disability insurance: if you cannot work, you need income.
3. Auto insurance: it's the law and accidents can be very expensive
4. homeowner's/renter's insurance: if you have a mortgage it is required. If you rent a place, you need it to cover your poseessions in the event of fire or other disasters
5. health insurance: if you get real sick, you need it.
These are the big ones. In general, I don't insure small stuff like vacations, appliances, TVs, etc, but everybody gets to choose.
Posted on 2/4/14 at 4:16 pm to white perch
sure you dont want to buy? I know a guy.
Posted on 2/4/14 at 8:28 pm to white perch
I guess I'll add a question to the thread. I have a term through New York Life and got it 4 years ago back when I smoked. I quit smoking about 3 years ago and honestly haven't even thought about it so far as my rate that I pay could go down since I quit. The agent that set me up is no longer doing insurance anymore. For a term policy will my monthly rate I pay go down since I quit smoking or is that just for whole life that it goes down after you quit? I wasn't sure if anything could change like that on a term policy.
Posted on 2/4/14 at 9:47 pm to white perch
I've recently become a big believer in life insurance-and getting it early.
Buy young to get lower premiums and more lenient underwriting and guarantee insurability.
Ideally you want everything in whole life, but it's much more expensive, so a combination of term and whole life is what suits most.
Quick tips: get as much liability coverage as you can on your home policy. Most agents try to sell $100k, but it's like $20/yr to bump up to $300k, and only a few bucks more to go to $500k.
Med Pay is a very good coverage to carry on auto policies and is inexpensive (with some carriers it's pretty high).
Buy young to get lower premiums and more lenient underwriting and guarantee insurability.
Ideally you want everything in whole life, but it's much more expensive, so a combination of term and whole life is what suits most.
Quick tips: get as much liability coverage as you can on your home policy. Most agents try to sell $100k, but it's like $20/yr to bump up to $300k, and only a few bucks more to go to $500k.
Med Pay is a very good coverage to carry on auto policies and is inexpensive (with some carriers it's pretty high).
Posted on 3/21/14 at 11:02 pm to white perch
I have a cheap accidental death policy too b/c of the crazy amount of time I spend on the road. Statistically it's a horrible bet but it's so cheap that it's a solid supplement to my term life policies. I will probably get another 10 or 15 year term policy soon, since my income has really risen lately and I feel a bit vulnerable.
Posted on 3/22/14 at 8:36 am to white perch
quote:Way too vague to give one answer. It depends on what your needs are. You being as young as you are, and I will presume you are healthy, you can should definitely get it now. If you aren't married I would say get a UL. I don't like term myself because I don't like throwing money away. Only 2% of all term policies payout. If you do get term get a return on premium. You will pay a little more, but you will at least get all your money back, but even saying that has its draw backs. If you get a 20 year ROP term and it matures, you will get all the money back, but the value of the dollar 20 years from now will be substantially less than it is now. In this scenario it just depends on your aversion to risk.
...which ones do I need?
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