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Additional Details
Show me some facts or paper cutting...... |
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chungicy | How much can I pay for life insurance? |
I want to buy insurance for my kids to put aside for college. I'm in my 40's and is a smoker. How much will i be paying? |
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mbrcatz
|
OK, look. The purpose of LIFE insurance, is to pay out money if you DIE. It's NOT an effective savings tool.
You're going to have to get a real quote from a local agent - it's going to depend on other things, like your WEIGHT, and your GENDER, and your general health, and what kind of life policy you want to buy.
But if you're counting on it putting your kids through college, you'd better be planning on being dead before they get there.
Otherwise, you're better off getting an investment account set up with Schwab, and putting that money in THERE. |
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insuranceguytx
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You will pay somewhere between $10 and $10,000 per month.
Your question is very vague so I had to give a vague answer. There is a big difference in premiums between a 40 year old and a 49 year old. There is a difference in premiums between men and women. There is a big difference in premiums if you are in great health and great shape (think triathlete) and a couch potato.
There is also a great big difference in the premium depending on the TYPE (term vs permanent) insurance that you want.
Go talk to a financial planner and discuss your specific situation.
Good Luck
* |
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samy
 |
I found a VERY (V_E_R_Y) good article about term life insurance vs. Whole life insurance here: http://all-insurance-online.blogspot.com/2007/09/term-life-insurance-vs-whole-life.html |
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slapinsky22
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best way to answer your question is to price it just like you would when buying a new car.
Places like selectquote or other internet companies would be able to give you a brief summary for term. If you were looking for life insurance other than term it will be based on many different factors and will require underwriting. |
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Rock_N_Roll_Chicky
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IT sound like you want regualr life insurnace that you can cash out. There is regualr life insurnace and term life insurnace. Term lif einsurnace is for now and gets paid out when you die. If you wnat to save money or your children why dont you do a Roth IRA? Many banks and HS have free workshops on how to save.
Life insurnace will be a lot of money since you want a large amount. It is based on age and health.
Good luck. |
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r2mm
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If you are trying to save for a college fund, life insurance will not provide as well as buying savings bonds from the bank or opening a college fund. Talk to a banker instead of an insurance agent. |
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Mr. Prefect
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You need life insurance to protect your family if you should die, and they lose the household income you were generating.
But if you want to save for them look into your states 529 plans, or custodial accounts with their names but you are the owner til they reach the age of majority. |
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Michael O
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If you want money to put aside for your children don't put it in life insuance. The return is very, very low and the cost to get it is too much. If you want insurance buy a long-term 20 or 30 year level term policy on yourself its cheaper and you can get a lot more coverage. Take the money you save and put it into a Roth IRA that can be used for Retirement or Education and your investment is able to be taken out if needed after 5 years with no penalities or payback. What I mean buy this is if you make 40K a year in your job you should have 400K life insurance on you to be properly covered. If you died and your family got a 10% return a year that would replace your 40K income. You could never afford this in a cash value policy. In a term being you are a smoker in your 40's you would probably pay between $80-$100 per month for this. If you have $250 a month to invest in a whole life policy you will probably only be able to get maybe 150K coverage which would only replace 15K income. Invest the $100 a month for Life insurance and the extra $150 for your savings. If you invested the whole $250 a month for say two years with no life insurance and you died your family would only have about $6000 - $6500 depending on your rate of return. If you invested the $100 for 400K life insurance and $150 for the investment say for 2 years then you died your family would have $3600 - $4000 cash depending on your rate of return and the 400K policy. Life insurance is only incase you die and savings is incase you live. If you saved $150 per month for 30 years with a 10% rate of return you would save about $340,000 and would not need life insurance at the point because you would then be self insured with this cash plus your 401K and other assets. |
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