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Stuck in the Middle Ages | Should I get private term life insurance? |
I'm 39 and have life insurance through my employer. I could probably obtain private life insurance for the same rate.
Is it wise to get non-employer term life insurance now (before I'm 40)?
I may not stick with my current employer for another ten or twenty years, but I'll probably be here for a few years. Is there any downside to waiting to obtain term life insurance elsewhere?
Additional Details
Solution243--Looks like you have no real answers but send everyone garbage links (for scam, perhaps?). Or maybe the same link (from you) really does answer both this question AND someone else's question about how much he should be paid for working at a deli in New Jersey. |
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Mark S
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It is a good idea to think about this now. And, yes you should get term life insurance because your employer's insurance is usually not transportable. Meaning you can't take it with you.
Why do you want insurance? What do you expect it to do for you? Do you really need it?
If you are single, you may not need it, or you may need quite a bit less than you think. Married, homeowners with kids- now you NEED it. Especially, if you do not have enough in liquid assets to cover needs for the next ten to fifteen years.
Look to companies who only use Level term insurance with no conversion policy, one policy to cover an entire household, and a policy that covers both existing children and future children for the same single premium. Be sure they will also complete a complimentary financial outlook survey for you, to be sure of you needs. |
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Debbie_in_Gold
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I am a life and health agent and my answer would be yes.
When you retire or leave the company, you will lose your coverage. Cover yourself while you are still young and avoid all of the hassel later. |
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Arthur M
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Well, if you buy a 20 year term policy, you will have that locked in, no matter where you go. If you leave your employer, you lose that benefit.
If you left in 5 years, when you switch, it may get a lot more expensive for you. Or you have might come down with an illness that prevents you from getting it or makes it even more expensive. |
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Wade H
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No.
You see, I was shot after I got insurance.
75% of all murders are laughed off by conservative cops I heard. And I believe it.
Maybe if you are a mobster you can keep bad people from making a quick buck off your death, but then, if your a mobster, why do you need insurance? Can't you kill enough honest Americans to feed the troth? |
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Miss C
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Depending on your needs, I would definitely supplement your group policy with an individual policy.
Here's my reasoning and what I usually explain to my clients: it's wonderful that your employer offers group life but it's not usually as much as you think, and if you have kids, a mortgage, etc, you may very well likely need more life insurance to meet your family's financial needs in the event of your death.
The policy you have through your employer is FREE insurance. Take advantage of that and supplement it while you can. If you take out a Term policy now (preferably a 20 or 30 yr term) you lock in your insurability (and rate) for that term. It's a win-win situation.
I wouldn't wait, but it really has nothing to do with age because every company has different rate banding. The reason I wouldn't wait is because the best time to buy life insurance is the day before you die. . . not knowing when that is, the best time is now.
As recommended in an earlier post, I would also go through a LOCAL AGENT. Don't buy into the info-mercial scams. Go with someone you like and TRUST because that person will be your family's first business contact after your death and you want it to be a positive one.
Good luck and I hope this info was beneficial! |
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GRUMPY
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Talk to the folks that handle that at work. Some federal programs allow you to take the insurance with you if leave, but you pay a higher premium.
And there's a difference between whole life ins. and term ins.
For the long haul, whole life might be better, there are all kinds of things. Annuities from policies, etc. If you don't ask the ones that know, you'll never know. |
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avaldreteiv
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My wife is a federal employee as well, and I have combed through her benefits each year they come up, the issue you are facing is that your not so sure you'll be there for another 10 to 20 years, so the question now becomes what happens while you're in between jobs? Also the federal governments term insurance is not what the industry standards are for what is needed for life insurance (10 to 15 times your salary for single or marrieds with no children or 15 to 20 times for people with children).
Next thing you need to worry about is what exactly do you want your insurance to do for you? Also age does make a difference in cost, so if you are going to wait 5 years, be ready to pay much more than if you bought it today, but at the same time, if you are thinking that you are going to need insurance 10 to 20 years out, you might as well look into a permenate policy where you lock in the rates at the younger age, just incase your needs for insurance last longer than 20 years. |
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mbrcatz
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Well, age is (relatively) irrelevant. I don't see why people buy insurance just for the sake of having insurance.
You need to set financial GOALS. Do you think you need insurance? Will it meet a goal? If you DO want insurance to meet a financial goal, I really like having a PRIVATE policy - renewable & convertable, 20 year term is my favorite. That way it's NOT dependent on your employer, and (my personal preference) the HR people don't have to "know your business". Plus, usually the limits through your employer are based on salary - 1X, 2X, 5X, etc, and might not be what you ACTUALLY need for your financial goals.
SO. I'm sure you're getting a ton of spam from this question, but I STRONGLY recommend a LOCAL AGENT for your life insurance quotes/needs. Make sure the carrier is A rated, and GO LOCAL. Check with the guy that does your house insurance and car insurance. And yes, getting a policy before you're 40 is usually cheaper than after - but depending on how soon your birthday is, if you're 39 and turn 40 in August, you'll get the 40 rates anyway. |
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ernesto_tig
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Get your own policy.
Your employer's group policy belongs to the employers. It is theirs to do whatever they want. Keep it, cancel, change whatever the employer feels is in their best interest.
Assuming you have some insurance need if you die, get your own policy. If your health is reasonably good, this should be CHEAP. You can spend the next 6 weeks discussing this with a dozen insurance agents; what you'll boil down to is this: Get 5 to 10X your salary in coverage. A 30 term policy will cover you until you're 70. If you don't need it 25 years down the road, cancel it. Don't over-think this; spend too much time with life agents and you'll never do anything.
Insurers can base rates on your birthday or your closest birthday. So if you're within 6 months of your birthday, they'll rate you at 40. I used to tell my clients, get the young fresh 39 rates, not the old stale 40 rates ;-) Good luck. |
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aaron p
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You said you "could probably obtain (it) for the same rate." That tells me two things:
1. You are paying for this, not your employer
2. You haven't checked the open market
You could probably pay less, the rate would be locked in, you could convert it to a company that you know (if you needed to), and you wouldn't need to worry about it when you did leave your employer. Do yourself a favor...
Some information all experts posting to this forum should know: There are life insurance companies that count age nearest and there are others that count actual age. You can backdate a policy up to six months. This means you can always backdate, but the additional cost doesn't always make sense.
Artist Formerly Known as Furd just needs to take some action. |
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redred1
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if its 4 burriel . you can wait or look into burriel ins. now its cheaper. lark, he is a broker an can give lots of company and how much ,thats his job. |
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MartinM
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No doubt the easiest way to get insurance quotes is on the web.
Why would you waste your time on the phone calling around?
the last time i needed quotes on insurance i used one of these comparison sites and it was great.
this is the site i used and it was quick like less than 5 mins.
The last thing I want to do is listen to elevator music while waiting for a salesman.
Anyway I got good quotes and ended up saving money so I was happy.
So shop around and compare quotes which is easy on the net.
Good starting point is at this site.
http://insurance.deal4-you.com
Good luck. |
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