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| If any private insurance company bankrupts Then whether IRDA will pay the money.This can be possible company is showing false solvency rate for a long time.The solvency rate the company maintains ... |
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 I want to buy health insurance .kindly advice ? |
| I am looking to by individual policy i am aged 32 ... |
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Ok,
I have began investing in real estate. I was speaking to another investor at a REI club and he told me something that shocked me completely. He said that he bought a house for $5000. It was ... |
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| Her husband cannot be located, He has been gone about a year. Can the children collect as the next beneficiary. In fact Mom indicated in her will what she wanted the children to do with the ... |
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| Do you have to be married to be the beneficiary on a life insurance policy? |
| Does the person listed as beneficiary on a life insurance policy have to be related by blood or marriage?... |
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 Which of two Life Insurance Policys should I keep; which to discard? |
I currently hold two life insurance policies on myself. They are both for the same amount, here are the differences:
Policy #1 costs $68 per month.
It is WHOLE Life, 20 yrs, with C... |
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| I'm 19 and still live at home. Are my parents still, in any way, liable for my actions? How would this determine whether or not I should get an umbrella? Are umbrellas cheaper? I really don'... |
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 Does this seem like a fair settlement? |
Were rear-ended in our car past April (almost totaled the car).
Daughter (16 @ time) and I had whip-lash plus I had a compressed nerve (tingling both hands).
Started chiropractor & ... |
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process and she has let her insurance lapse, who pays for the wrongful death in my home? Would it be my liability coverage?
Additional Details
Biker, I might have a liability condition. ... |
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I have my parents visiting me from abroad and my father needs to go see a Doctor immediately for Heart Condition.
He does not have any insurance in US. What can we do? Are the hospitals OBLIGED ... |
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| at my job i got kaiser permanente insurance....shes 6 weeks along the pregnancy .....i don't want here Thur medi-cal ...ill rather have here Thur kaiser.....can she still be added???... |
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zosdaddy | Is buying whole life insurance a good idea or a waste of money? |
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Doing the Right Thing
 |
For majority of people, its a big waste of money. Why? You have to spend lots of money to buy a small amount of coverage. For example, if a 30 year old bought a $100,000 policy, it may cost him $1000/year! If he bought a 30 year term instead, it may cost him only about $200/year!
Why? Because whole life insurance is a level term to age 100 with a savings plan attached to it. If you ever wanted to take money out, you have to borrow it and pay a loan interest on it. They have a slow growth of around 2%. If inflation is at 5%, you are losing purchasing power. If you die someday, the beneficiary only gets the death benefit but the insurance company keeps all the savings.
I have always sold a 20 year to a 35 year term insurance to clients. Its cost effective and the client can afford the right amount of coverage. At the same time, I help them start an investing plan to build wealth for retirement. Mutual funds (well, the ones I offer anyway) has a historic rate of return of 12% in the past 25 years. Is that better than 2% in the whole life policy?
If the client dies during the term, the beneficiary gets death benefit and all the investments. If the client outlives the term, then the client needs to evaluate his/her needs. Do they still need life insurance or as much coverage in 20 to 35 years from now? |
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darrin_carey
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Usually a waste, but it depends on your specific circumstances.
If you have a family history, or something that may make you difficult to insure in the future it could be worth considering. |
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derek
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I'm not a big fan of whole life insurance.
If you want a permanent life insurance policy consider a universal life policy. |
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life_will_be_ok
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depends how old you are
you can get it as young as 16..and it will grow a LOT of you invest in it properly
my dad just bought life insurance for me, i just turned 16...
:)
im gonna get a lot of money from him when he dies :)
it will help your kids out a lot in the future |
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mbrcatz
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Depends - what's the GOAL?? Whole life doesn't meet my personal goal most effeciently.
First define your GOAL, then select the product that meets it best. |
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guitarmusician84
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Suzie Orman would have a field goal with this one, whole life policies are a waste of money no matter what the circumstances are. The person above "Do the right thing"is correct, whole life insurance as well as any type of cash value is a ridiculous concept based on concepts of archaic companies that only want to make a profit. go term and invest the difference, mixtures of the 2 are dangerous and unsettling. term insurance is important as insurance goes, its cheap and you can get more, and yes it does have an expiration, however, what mmost big companies dont tell you is the theory of decreasing responsibility.
meaning, in the early years there are young kids and debts and mortgage balances while at the same time low savings. so life insurance, or renting a "bag of money:" is important because a loss of income would be devastating. but in the later years, kids are grown, debt is lowered, mortgages are paid off and so life insurance isnt needed so much as retirement income. so that is where the savings comes into play, basically buy term and invest the difference in a savings vehicle that can deliver way more than any "guaranteed" savings a cash value policy can deliver. it is basic math and compound interest.
whole life is a waste of money as is unniversal life and variable universal life. i know from experience. |
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Matt
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It's really what you want your life insurance to do for you. Term insurance is cheap and you can get a ton of coverage for minimal costs, but understand that the term will expire one day and the coverage will be too expensive by then to purchase more term. A lot of people don't realize that insurance companies offer term insurance to last up until the insured is 80 years of age. With life expectancy growing the way it is and health advances, many people find themselves at the end of their life with no coverage at all, because they put it all into term. (By the way: 98% of term coverage never pays a benefit) The smart thing to do today is purchase whole life insurance built to cover final expense charges for the projected price at the future age between 75-100, (you can decide on that yourself) based on an annual inflation rate of 4%. Use term to cover major debt such as a mortgage or school loans or even calculate what you would need for proper income replacement. That way, when you turn 81 years old and all of your term insurance is gone, you still have your final expense whole life plan that has grown in cash value and is close to equalling the death benefit and may even have a nice side fund of dividends for you. All in all, a mixture of both is the smart way go about life insurance. |
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aaron p
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The guaranteed cash values are hard to beat, but the circumstances that I've seen where someone really needs guaranteed cash value IN a life policy are few and far between. But, hey, that might be you.
Talk to a local, independent agent. Even if you want permanent life insurance, there are other options to consider. |
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