 Should we cancel our whole life insurance policy? |
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 Term LIfe Insurance, amount and duration? |
Few questions about term life insurance:
I am 24 married with a mortgage, and 2 kids.
First the amount of insurance:
I have been told two different ways to look at this:
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 Has anyone ever heard of buying a Universal Life Insurance policy in order to have retirement money? |
I was recently told of a practice that is supposed to work better than simply saving back money for retirement age.
For example:
You buy a policy for the sole intent of dumping money ... |
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| i saw that insurance companies ask for some personal information when it comes to giving an online quote, so i'm trying not to give it to all of the weird companies that come up in a general ... |
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Adriana A | I am 25 yrs old and i want to buy a life insurance what do you recommend? |
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mbrcatz
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I recommend sitting down with pencil & paper and defining your goals CLEARLY, that you want the life insurance to accomplish.
Then go to your local agent, and ask them to get you quotes for what meets your goals. Do NOT be oversold on gimicky stuff that isn't in your pre-defined goals. |
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Hadley
 |
I would recommend you choose the life insurance that meets your needs and fits your budget.
The most common form of life insurance purchased by younger people in your age group is Term life insurance.
Many younger people choose term life insurance because it provides the maximum amount of life insurance protection for the lowest cost.
Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years.
Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.
Usually, term life insurance costs less than permanent life insurance.
At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.
Term Life Insurance Has Three Standard Features:
Level
Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.
Convertible
Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.
Renewable
Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).
For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.
Agian, it depends on why you need the coverage, how much you need, what you can afford, and how long you need the life insurance protection.
I hope that helps! Best of luck to you. |
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hebanker
 |
please inform your nativity |
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bud68
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You can buy whole life (more expensive but accumulates cash value) or term insurance (provide maximum coverage but no cash value). You need to think it through first - who is the insurance intended to benefit, how long a period do you anticipate needing it, and how much coverage do you need?
When you have decided what kind you want, shop around. |
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ricardo
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you need to contact a life insurance agent. check with your family to see what company they have and if they have an agent you can talk to. It is not possible to recommend what is best for you just on your age. Your wages, health, family situation, children, house etc. all play an important role in determining what amount and type of insurance you can purchase and one you can afford without letting it lapse. good luck |
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Bradley S
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Life insurance is designed to protect a family against the financial burdens that accompany the premature death of a breadwinner. Would your death pose such a hardship? If so, you have two options: term life and whole life. You pay a monthly premium with each. A term life policy will pay a death benefit in the event that you die during the specific time, or term, covered by the policy. A term life policy has a start date and an end date. If you die the day after the policy ends, the insurance company does not pay a death benefit. The premiums that you pay for a term life policy will be gone when the term is up.
A whole life policy covers your for your entire life. If you die the day after you take out the policy, you are covered. If you die in 20 years, you’re covered. And if you die when you’re 80, you’re covered. In the mean time, the insurance company invests the money you pay in premiums, and some of the earnings are put into your policy in the form of cash value. The cash value builds over the years. At some point—when you are on a fixed income, for example—you can use your cash value to pay the premiums, keeping your policy in force. A whole life policy costs much more than a term life policy does, however.
Some people say that you could invest the money you save by getting term life in something that earns more money than a whole life policy. That may be true, but be realistic about your investing skills: Would you really invest the premium savings? Do you know enough about investing to guarantee a profit? Whole life is guaranteed to build cash value. Good luck! |
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theseeker4
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Get some whole life insurance, something that you make relatively small payments on since you are getting it so young, and will not expire if you don't die in the alloted amount of time. Term life is only good for a certian period, like the next 10 years or so, so the money is wasted if you survive the period (which everyone wants to do). You can get a policy that will pay out a certain amount of money no matter when you die, whether it is next year or a hundred years from now, as long as you keep making the payments. Since you are 25, this type of insurance will be much less expensive than if you wait 20 years or so to get it. |
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Donna C
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There are two kinds. Whole or term.
Whole is higher than term, but if you buy it at age 25 and you keep paying on it, then the premium will never go up as you get older and you will have a cash value. If you ever stop paying on it, then you will get cash back.
Term is cheaper than whole, (it is very cheap when you are young). It is sold in a term of 5 years, 10 years , 20 years, and 30 year. For example if you bought a 30 year term policy, then the policy would last for 30 years as long as you pay the premium. After that term, you would have to renew the policy at the age that you are at that that time. The renewal would be quite a bit higher. And you may also have to meet new underwiting guide lines.
To decide what type of policy you need, depends on what you are needing it for. If you are wanting it because you owe money on a loan, then I would suggest the term. It is cheap and it will do what you need for it to do.
If you want it for the long haul, then buy the whole life. At age 60, you will still be paying the 25 year rate.
What I do with alot of my clients is I mix it. I write a large sum of term, for the longest term that I can get it. This will get them though their children being young, their house being paid for and anything else that comes along while being young. Then I write them a smaller whole life. This covers the older years, death and last expenses.
My suggestion is find you a good life insurance agent and let him explain it to you. There are other products out there, but these two are the tried and true. They have been around along time and they work. But I am also very conservative agent. But I will say, buy some and do it while you are in good health and you are young. |
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