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SickandTired | I am a diabetic, being offered Term Life or Whole Life insurance, which one should I take? |
Additional Details
I am in pretty good health. No diabetic complications...and I do my best to keep it under control...
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tool
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i would really assess how long you think you've got. if more than a month-term, if more than a month less than a year-life! good luck! |
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lyricsop
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I agree that you should definately talk to a reputable insurance agent. The other answers to your question have been good but I want to add a few things. First, depending on the severity of your condition (and age), you still may be able to obtain life insurance for a reasonable cost. The nice thing about term insurance is that it is much less expensive than whole life or other permanent forms of life insurance. Of course the nice thing about whole life is that its permanent. It will last for the rest of your life, so long as you continue to pay your premiums.
Here's some things you may not know:
1. Most insurance companies offer a "coverstion option" to their term life insurance products. This means that within a certain amount of time, usually before a certain age or within the length of the term, you can exchange your term coverage for a permanent form of life insurance, like whole life. No medicals are required for this kind of exchange. This gives you the benefit of low premiums for now (typically), and then permanent insurance later.
2. If you are interested in a permanent form of life insurance, there are other options besides whole life. Universal life may be more advantageous. Additionally, many insurance companies are moving away from whole life and are now only offering universal life products, because these products offer more options.
3. Be leary about agents representing one company. I have found that these agents may not have products that suite you best. Some life insurance companies have better underwriting than others. Additionally, some companies are more lenient about certain conditions. If you work with a broker (typically, a broker works with a dozen or more insurance companies) they will shop for you and determine which insurance company will give you the best rate for your age and health issues. Just because you are being offered life insurance with this company, doesn't mean that is the only company that's willing to cover you. Be leary of an agent who gives you the impression that this is the last and best chance you have for coverage.
Overall, in determining which is best, you should consult an agent in your area who is willing to review all your options and explain the pros and cons of each. Best of Luck |
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susyprz1
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term is always the best for middle income families. with you condition whole life is going to be outrageously expensive w very little coverage. |
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insuranceguytx
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First off, take care of yourself, eat right and exercise.
Second, you have to look at your NEEDS - actually the needs of those you will leave behind. Do you or will you have enough assets (money) to take care of your expenses (debts, medical bills, funeral expenses etc) after you die? What will your care needs be if your diabetes worsens and you need daily (or frequent) personal care? What will that cost?
You don't give your age, your financial information here on this post (and you should not) so it is tough to say what will work best for you. There are other types of PERMANENT life insurance and more uses of permanent life insurance than just providing a death benefit.
It could be that a combination of policies may work best for you.
Go talk to a licensed insurance agent or financial planner. Keep searching for one until you find one that listens to your goals, needs and wants.
Good Luck |
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Doing the Right Thing
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Definetly Term because premiums are always lower than Whole Life.
4 Evils of Whole Life:
1) Always very expensive (you pay lots of premiums for low coverage)
2) Low rate of return on savings (especially in first 3 years where you get no savings accumulated)
3) If you wanted to use the savings, you have to BORROW it and pay back with interest (otherwise, if you die, amount borrowed will be deducted from death benefit)
4) If you die, your beneficiary will only get the death benefit. All savings will be kept by the insurance company
Why Term is better?
1) You can get lots of coverage for low amount of premium
2) You can invest your money in a separate account (giving you the power to control your money instead of the life insurance)
3) If you die tommorow, your beneficiary will get death benefit plus your investments. |
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morris the cat
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if you are being offered standard life insurance- no ratings or extra charges for your diabetic history- take the whole life- even if there are some ratings or extra charges, if you can afford the premium, take the whole life,.The reason i say this is, your diabetes is under good control now, yet that could change at any time, and it could get worse, which could make you un-insurable at any price- that is true of everyone's health- here today-gone tomorrow-perhaps- whole life GUARANTEES THE PREMIUM AND THE POLICY FOR AS LONG AS YOU LIVE AND AS LONG AS YOU WANT THE COVERAGE--TERM LIFE CANNOT GUARANTEE EITHER THE PREMIUM OR THE COVERAGE FOR AS LONG AS YOU WANT THE COVERAGE--THAT IS THE CRITICAL DIFFERENCE--also-if possible- get the whole life policy from a mutual company-one that pays dividends on the policy- elect the "paid-up additions," choice for the dividends- this will buy you more little pieces of insurance with the dividends at standard rates, even if your policy is rated or charged extra. this is a very important advantage for you- to get insurance at standard rates..I am a retired Independent Insurance Broker for life and health insurance, spent 23 yrs in the business & am also a retired CFP, CPA, & LUTCF..one of my first clients, was a neighbor, who was now an adult, but contracted diabetes as a child- i got him the deal i described above. it was difficult to obtain, involved an extra rating for 5 yrs, yet all dividends bought "paid-up additions" at standard rates & worked great for his wife & 5 children..if you have any further ??- or i can be of further help- please holler back at me..good luck to you ...if you don't have an agent yet, look in the Yellow Pages, under insurance, life, and find an agent with CLU, after his name. this means- Chartered Life Underwriter- this person has passed ten exams, and other needs, to get this title- they know insurance much better, than other agents, & can probably be of more help to you, in your situation--good luck to you !! |
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Badkitty
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Term life is exactly what is sounds like, it is for a certain period of time. (A specific term) Once the term has expired so has the life insurance, and if you are still in need of coverage you will then have to re-apply and qualify for the medical, and the cost of it will be based on you attained age at that time. If you are diabetic and are being offered whole life I suggest you accept that offer. Whole life is permanent life insurance that cannot be canceled as long as you pay the premium, and your premium will not increase as you age. Whole life also accumulates a cash value to the policy, which can be borrowed against at a later time. Discuss your options with a reputable agent that will explain the pros and cons of both types of policy. Good luck! |
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