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Started By
Message
re: Life Insurance
Posted on 9/12/11 at 9:03 am to Da Hammer
Posted on 9/12/11 at 9:03 am to Da Hammer
The death benefit on a child policy is the last thing I would worry about for insuring a child. The reason to get a policy on a child is to
1. Guarantee they will be able to get insurance in the future wh they need it. My cousin got diabetes when he was 8 and is now uninsurable, recently married, kids coming in the near future. He would do anything to have insurance right now.
2. It gives your kids a great financial leg up when thy get older. It can really set them up to have a good financial base, if designed correctly, early on in their adult lives.
3. Banks look very favorable on perm. LI, and it is a great thing to use for collateral if they ever need to borrow a large sum of money like for a house (if they don't want to borrow from the policy).
4. It helps lock in their most favorable rates for life.
The last thing I would consider is the death benefit, because honestly, it isn't very important to the situation. It is the living values that are what make them beneficial to children, to help protect their future life and family.
That's my opinion anyways.
1. Guarantee they will be able to get insurance in the future wh they need it. My cousin got diabetes when he was 8 and is now uninsurable, recently married, kids coming in the near future. He would do anything to have insurance right now.
2. It gives your kids a great financial leg up when thy get older. It can really set them up to have a good financial base, if designed correctly, early on in their adult lives.
3. Banks look very favorable on perm. LI, and it is a great thing to use for collateral if they ever need to borrow a large sum of money like for a house (if they don't want to borrow from the policy).
4. It helps lock in their most favorable rates for life.
The last thing I would consider is the death benefit, because honestly, it isn't very important to the situation. It is the living values that are what make them beneficial to children, to help protect their future life and family.
That's my opinion anyways.
1
Posted on 9/12/11 at 10:07 am to GoCrazyAuburn
quote:
. Guarantee they will be able to get insurance in the future wh they need it. My cousin got diabetes when he was 8 and is now uninsurable, recently married, kids coming in the near future. He would do anything to have insurance right now.
Being a diabetic does not automaticaly make you uninsurable, you will pay more and are required to document how well you are controlling your blood sugar, but it is not anywhere close to bing impossible. My mother was an insulin dependant "type 1" diabetic, she obtained additional life insurance years after being diagnosed as a requirement of a business partnership.
Posted on 9/12/11 at 10:18 am to JWS3
Never said it was impossible, but that is the case of my cousin. Your other point goes right along with locking in the low rate while you can.
All I know, is I don't want to ever put my future children in that type of situation. Everyone is entitled to their own opinions.
All I know, is I don't want to ever put my future children in that type of situation. Everyone is entitled to their own opinions.
This post was edited on 9/12/11 at 10:28 am
Posted on 9/12/11 at 11:57 am to GoCrazyAuburn
Asking this board for life insurance advice makes no sense. There is no way that you will ever get a good answer. The reason is because no one on this board knows your personal situation. Age, married, children, etc. is not enough information do give you advice nor should it be.
Term life insurance can be good, permanent life insurance can be good. Insurance on children can be good. Each individual has different needs based on their situation.
Going to a website and picking out a random number based on premium per month is an awful idea.
There are so many factors to buying life insurance and you need to sit down with someone with experience so that you can know your true needs.
They should ask you questions about your future goals and plans. Are you having anymore kids? is there anyone else that you might be respondsible for in the future? How long do you plan on staying at your job? do you expect your income to change? Education? house? investments? etc?
And that is just the beginning.
Sit down with somneone who has been in the businees at least for 2 years. Most people who get into the industry fail out in their first 6 months. If they are there for 2 years with the same company, they are most likely doing the right things for their clients not their wallets.
Stick with Nortwestern Mutual, New York Life, Metlife and Mass mutual and you should be good.
But once again, make sure the rep has been there for a while.
Term life insurance can be good, permanent life insurance can be good. Insurance on children can be good. Each individual has different needs based on their situation.
Going to a website and picking out a random number based on premium per month is an awful idea.
There are so many factors to buying life insurance and you need to sit down with someone with experience so that you can know your true needs.
They should ask you questions about your future goals and plans. Are you having anymore kids? is there anyone else that you might be respondsible for in the future? How long do you plan on staying at your job? do you expect your income to change? Education? house? investments? etc?
And that is just the beginning.
Sit down with somneone who has been in the businees at least for 2 years. Most people who get into the industry fail out in their first 6 months. If they are there for 2 years with the same company, they are most likely doing the right things for their clients not their wallets.
Stick with Nortwestern Mutual, New York Life, Metlife and Mass mutual and you should be good.
But once again, make sure the rep has been there for a while.
This post was edited on 9/12/11 at 11:58 am
Posted on 9/12/11 at 12:00 pm to cbtullis
quote:
cbtullis
Very well said.
Posted on 9/12/11 at 8:52 pm to GoCrazyAuburn
quote:
quote:
Zander Insurance
I would be wary of them, but thats just me. I do not trust them as a secure financial institution like some of the older companies. If i'm getting LI, I want it to be from somewhere that I know will still be around and be able to pay the claim if something happened.
You have been to the website right? You do know they price hundreds of companies and you pick the one your prefer.
Posted on 9/12/11 at 10:17 pm to cbtullis
When your right your right.
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