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Or will my beneficiaries get all of the insurance money?
Additional Details
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Additional D... |
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Additional Details
Its my ... |
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kissests | I would like to get life insurance. It would be better to get it for my wiufe because I smoke.? |
I have found some that qoute $48 dollars a month for a $1 million policy. For me it would be $485 a month. Do you think this is a scam? What do you think is the best life insurance?
Additional Details
I think life insurance is just a good way to leave millions of $$$$ for the kids. If I was only paying $18,000 for them to have $1,000,000 it seems like a no brainer. That is what I think the scam is. |
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529s.com
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This should be motivation to quit smoking. Here are some tips - http://www.insuremylife.org/quitsmoking.html
Think about this, if you were to die tomorrow would your family be able to continue living in the same house and same school district? Would the kids be able to go to college? Will your family be able to bury you? And what about all those monthly bills that continue to come in? People think that their largest asset is their house and that is why a lot of families get life insurance just to cover the mortgage balance, but they are making a huge mistake. Your largest asset is your ability to earn future income. Lets say you make $35,000 this year and you have 25 years until retirement. Even without a single raise, that comes to $875,000. Contact a local agent to find out exactly how much coverage you need - http://www.insuremylife.org
PS - I just ran a quote on a 40 year old male smoker for a $1,000,000 and it came out at $183.75 a month. How old are you? |
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VATreasures
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Do you need a million dollar policy? If you are the sole income for a family with mutliple children then the answer is probably yes. If not you may not need that much insurance. You could shorten the term and lower your rate. If you quit smoking it might not be much more for the next term. |
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Financial Answer Guy
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You are getting alot of good info here. I'll add this:
Find a financial planner in your area that specializes in insurance and have them complete a survivorship analysis for you. Be very skeptical of any "insurance agents", especially those doing business under a particular insurance company (i.e. a captive agent). They may be more likely to sell you their company's policy even if they have access to other companies. Often their health coverage, expense reimbursement or other benefits that the insurance company pays for are tied to sales of proprietary products.
ABSOLUTELY AVOID anyone who tells you how much coverage you need by multiplying your salary by some arbitrary number. As these types of agents get greedier the multiplier has gone up. It was only 5 years ago that it was considered "appropriate" for people to have 7 times their salary in coverage. Then it was 10 times ( I guess it made the math easier) Just the other day I hear Suzy Ormon (She is a fraud, bu that is another story!) say people should have 20 times their salary! It is preposterous!
Sorry about the rant. I just get angry thinking about what the practices of some people are doing to my industry. Anyway, have a financial planner walk you through a survivorship analysis to help determine the appropriate level of coverage for you and your wife. The planner will also help you understand your options regarding coverage and shop the marketplace for the best fit. Good Luck. |
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redunicorn
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If you smoke, you are more likely to die sooner--hence higher life insurance costs.
Talk to an insurance agent--several of them. You could even try some quotes on the internet. But if you could give up smoking, you might qualify for a discount. |
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JaneofAllTrades
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I would personally take out the insurance on her for $48 a month and look into a policy for you for $500,000 to see the difference in the premium. I'd also recommend you stop smoking ("I'm a smoker too..) Studies show the detrimental effects of cigarettes and that males tend to lead shorter lives. That is what the actuaries base the rates on. Since you do smoke I would look at a whole life policy. With a term policy the renewal rates at the end of the term will go up, you will not have this problem with Whole Life. A Universal Life Insurance policy is also a good option since you can also deposit extra money in it every year and build up the death amount. Also, you can borrow against a Universal Life Policy and do not need to pay yourself back. However, the death benefit would decrease then according to how much you borrow from it.
Good luck! |
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ybhviper
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before you buy any policy look up the company on AM BEST they rate ALL approved insure companies and give them a A++ to F on their finaical ability to pay claims. I would also show a Independant insurance agent your quote and see what he can offer. |
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econprof57
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Buying a life insurance policy on your wife does not protect her if you die ... it protects you if she dies. Since you are the male, and the smoker, you have a higher statistical probability of death. |
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