 Can Home Owner Insurance be used to pay for auto accident? |
guy who t-boned my car says he is going to pay for it using home owners ins., how? his auto ins. lapsed 9 days prior to wreck. help me understand
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unfortunately ... |
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 My 2 yr old son was hit by a car at a acura car dealership, whos fault is this? can i sue for medical cost? |
My 2 yr old son was hit by a car at a acura car dealership, whos fault is this? can i sue for medical cost?
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AMe | If I buy a 10 year life insurance policy on my husband and he lives? |
for 20 more years what happens? Do I lose that 10 years I paid into?
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oh, if he dies in 5 years do I collect all and quit paying on the policy??? |
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mbrcatz
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Yes. It's a straight bet. Just like a lottery ticket . . . when the drawing date comes up, if they haven't pulled his number, the ticket is no good any more.
Except, it's about 1/10 the cost of whole life.
And yes, if he dies three weeks into the policy, you don't pay any more, and you collect the full amount. Just like the lottery ticket.
The only way you don't "lose" what you pay into life insurance, is with whole life. Now, pay attention to the numbers here. Instead of it costing you maybe $200 a year, you pay $200 a month. And it will build a "cash value" of about $200 a year.
Now, do the math. The REASON why it builds "value" is because you are WAY WAY WAY overpaying it in the first place. If you are looking for a payout if he kicks off - like if you have young children to get raised - term is much, much cheaper. If you have no intention of saving any money of your own, and no matter when he dies, you want a cash cow, well, then buy the whole life. It's an extremely expensive way to save money, but it's a "forced" savings plan for people with no self control over their money otherwise. |
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fth106
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Your question has been answered by the above responses but here is some additional information for you to think about.
There are term life insurance policies in some states that offer an optional return of premium. If the insured person lives longer than the policy period, the company returns all of the premium that was paid in. They are referred to as "cash back" or "return of premium" policies. This creates a true "win/win" situation. If you live, you get your money back. If you die, your beneficiary gets the face amount. Either way, the company will cut a check if you keep the policy for the full term. Some states do not allow these so you will need to check around to see if they are available where you live.
Here's the catch. The shorter the term, the more it cost for the rider. This is due to the fact that the insurance company is going to make their money by investing the premium for the full term of the policy. If the term is 15 years, the first dollar put in gets to compound for 15 years, but if it is a 30 year term, it gets to compound for 30 years. A typical 15 year term can be 2 to 3 times the base amount. A 30 year, on the other hand, might only be 1.25 times. |
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amust2407
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You're correct.....you don't get the premium back that you paid in on a term policy. But.....it's much cheaper than whole life insurance, and that's why it's a better deal. Assuming you're husband isn't over 50, I would go ahead and purchase the longest term policy you can(15 or 20 years). If you took the difference in premium from the whole life and the term policy and invested it in a good mutual fund, you would come out WAY ahead of a normal whole life policy. |
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Jerry
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Yes if he lives past the expiration date on the policy you get nothing. That is exactly what term insurance is, It insures him for a certain term. |
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bud68
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Do you understand the difference between term and whole life insurance? See money.cnn.com or money.aol.com. They have explanations of how life insurance works. |
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Moti - The Money Prof
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A 10 years life insurance policy is "term" policy. The insured (your husband) is covered only during this period. It means that if the insured dies during the period the beneficiary (you) collects the death benefits (face value). At the end of the period the policy terminates and you don't collect anything, which should, under normal circumstances, be the preferred situation.
Rather than thinking of it as "I lost the 10 years" think of it as "I didn't lose my husband but if I were to lose him I would at least be financially secure".
The important question is which Life insurance policy you should buy. If you want to also save money, CORRECTLY done (and most agents don't know how to do it and what policies to use) permanent life insurance (up to even 115 or 119 now) would allow you to save money, invest it without risk (guaranteed minimum return of say 1-4% (changes depending on the specific policy) but with stock market returns (S&P 500 but with a maximum of say, 13%-17% (again, depending on the specific product), and the money grows tax free and is accessible tax free. However, this is a whole different topic :-) |
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bevrossg
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You need to buy term insurance. It will provide an income for your family if your husband dies. Go to daveramsey.com and find out how much you will need. This insurance is very cheap to buy and is the best deal around. |
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Angel Insure
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Sounds like you are talking about term life insurance. If it is term insurance, then after 10 years, if your husband still lives happily with you (or unhappy :( ), you get no payment. Term life is a good option if you have temporary needs, such as 25 years mortgage, and your husband is the only money maker in your family; or you have young children, and 10 years later, they can live on their own. In these cases, you want to purchase term life.
If you are looking for some kind of return no matter what, look for those with cash value, such as whole life insurance. There is a "saving" component in this product. I think it is mainly for your children when you or your husband die. It can be used to pay off tax and funeral. |
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aaron p
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The reason term insurance is so cheap is because both parties to the contract agree that death is unlikely during the specified time period. It sounds like you generally have the hang of it. |
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mcmoehring@sbcglobal.net
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This is your chance to not be a sucker.
The product you should look into is a 10 yr, level premium term insurance. This is a product where you pay the same premium each yr for up to 10 yrs....cancel anytime. The term can be any length, but typically in 5 yr increments.
Now, this is term insurance, there is no cash value. Once the term expires, you get nothing.
A insurance product that has cash value is for suckers. |
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zajjo
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for insurance details
it is good site
http://www.insuranceplan4u.com |
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Sep Timber
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Why don't you just kill him off and not worry about any of that? |
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