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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 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 9/30/17 at 1:51 pm to LSUvegasbombed
I'm actually a bit shocked by the level of naïveté in this thread. I'm just going to throw out a few thoughts.
Pay the extra money and get a 30 year term . At age 53 you will still have a lot of risk. You may not think so, but you will. If you knew how many people purchase term life in their 50s and even 60s you'd be shocked . Go to age 63.
Just so you can make a word association in your head - a whole life policy lasts your whole life. A term policy lasts for a specific term of time, say 30 years. You want a level term life policy . That means both your monthly premium and the death benefit stay the same for the whole term.
Most policies will pay unless you commit suicide or are killed in the commission of a felony. Let's say you get killed while robbing a bank - odds are there is a clause for that. The suicide is usually for a certain period say- two years after issuance of the policy. All this is regulated HEAVILY by each State to protect consumers.
There is also a concept called " the period of contestibility" in whic an insurance company can challenge a death claim. This is also regulated by the states . In Louisiana it's two years . Life insurance companies don't screw around with paying out policies- they are too heavily regulated, the promise of law suits too expensive and it would undermine the entire industry.
Lastly - 1.5 million is a LOT of life insurance. Get yourself a half million instead. Then quit being selfish and quit smoking and bump that up after you've been tobacco free for a years . Gotta quit smoking. Or pay double and give your kids the joy of watching you lug oxygen around in your 60s. *off soapbox
Pay the extra money and get a 30 year term . At age 53 you will still have a lot of risk. You may not think so, but you will. If you knew how many people purchase term life in their 50s and even 60s you'd be shocked . Go to age 63.
Just so you can make a word association in your head - a whole life policy lasts your whole life. A term policy lasts for a specific term of time, say 30 years. You want a level term life policy . That means both your monthly premium and the death benefit stay the same for the whole term.
Most policies will pay unless you commit suicide or are killed in the commission of a felony. Let's say you get killed while robbing a bank - odds are there is a clause for that. The suicide is usually for a certain period say- two years after issuance of the policy. All this is regulated HEAVILY by each State to protect consumers.
There is also a concept called " the period of contestibility" in whic an insurance company can challenge a death claim. This is also regulated by the states . In Louisiana it's two years . Life insurance companies don't screw around with paying out policies- they are too heavily regulated, the promise of law suits too expensive and it would undermine the entire industry.
Lastly - 1.5 million is a LOT of life insurance. Get yourself a half million instead. Then quit being selfish and quit smoking and bump that up after you've been tobacco free for a years . Gotta quit smoking. Or pay double and give your kids the joy of watching you lug oxygen around in your 60s. *off soapbox
Posted on 10/8/17 at 8:07 pm to LSUvegasbombed
Use and online broker and get term. Quit smoking---huge difference in rates.
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