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Additional Details
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TaDa | What do I need to know about buying life insurance? |
Additional Details
How do you know if an agent is reputable?
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Doing the Right Thing
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That cash value life policies are expensive. If you want to use the cash value, you have to take a loan out. If you were to die, you lose all the cash value. If you surrender the policy, you may owe taxes on them and also surrender charges may apply.
Term insurance is inexpensive and you can buy lot more coverage than cash value life policies. This gives you a flexibility of where you can put your money in. Whether its in a savings accounts or investments, your money will grow faster than what is in a cash value policy. |
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getiatoday
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I just purchased life insurance last week, I did extensive homework and found Northwestern Mutual to be an excellent company. They offer term and whole life (only you can decide which is best). AM Best company rates all insurance carriers and year after year they rank in the top 1%. |
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eenglish4france1
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you can ask online |
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Insurance Biz CT
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there is not enough room here to tell you what you need to know about buying life insurance. Contact a local agent in your area, preferrably an independent agent. Agents that only represent one company may not have the best price for the right product for you. As an example, I represent about 15 different life insurance companies and when I am running a quote, I quote all of them. There isn't one that gives me the best price for any given product every time.
Explain to the agent what the purpose of the insurance is and they will be able to help you find the right product, then they will be able to help you find the right price for the product you need. |
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kittyrogers
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Contact a reputable insurance agent and he or she can fill you in. That really is the best way. |
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O Wise One
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Be sure you read every single letter of the policy before you buy. And if you are not satisfied with what is in there...or you don't understand it then don't be embarrassed to ask questions. If the answers don't satisfy you then take your business to someone who can explain it more fully. |
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Bill Q
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This site has a pretty good talk about how to buy life insurance. It is usually best to buy term insurance, not whole life. |
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Michael R
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It's sad the crap that they teach kids these days. Butterfly has no idea what she is talking about. She's just spouting what Primerica has told her to say. You don't need life insurance your whole life??? Tell that to the 76 year old man I saw last week who carried term his whole life and can't get it anymore. His premiums are over $500 / mo for $100,000 in coverage. OUCH! Even if your bills are paid up ( in America, most are not), you'll still have a funeral, won't you - there's $10,000 your beneficiaries will need. Oh yeah, and that debt that you won't have... I meet few elderly people who don't have it. Go Term all the way and send your children to the poorhouse, great strategy! How about a split, some term to cover things like children's college education, the house, things that will go away, and a Universal Life for the things that don't go away, the funeral, spouse's living expenses, etc. Universal Life, if you get the right policy will allow you to add your savings in the policy to the face value so you don't lose your investment if you die. It will also allow you to take out the money in the form of a loan. The current interest rate with my agency is 0%. And guess what, since it is a loan, it isn't taxable income. It's a fantastic self-completing plan! And, since it is not taxable, a stock account will have to make 8-9% over the life of your investment to equal the cash withdrawals on a UL at 5%. Plus, you have more security. |
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Bright Future Penguin
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Hi, your friendly insurance guy here, again! :)
Two things:
First, be cautious when working with Primerica. There are a lot of decent folks working for them, but the company itself is not so great. They get sued all the time and even have whole web sites dedicated to exposing the company's failings.
See www.primericabuster.com for one example.
Also, when a Primerica rep bashes Whole Life, ask them why, if Whole Life is so awful, Primerica actually sells it. I know a lot of former Primerica agents who had no idea their company actually OFFERS Whole Life while training its agents to bash it.
So, on to your question:
What you need to know about buying life insurance is pretty striaghtforward:
1. Know why you are buying it before making a purchase. This will help you determine the right amount. Don't overbuy, as you'll pay more than necessary. Don't underbuy, as you will leave your heirs in a less-than-optimal position.It's a "goldilocks" thing: Too big, too small, just right. Know ahead of time what "just right" should look like. There are plenty of free calculators online to help you determine the right amount.
2. Know ahead of time what TYPE you should have. Most of the time TERM is your best bet. It's best used to cover obligations with limited time frames, like eliminating your mortgage or providing an immediate college fund for your kids. Sometimes other products like Universal Life or Whole Life are correct choices. That's NOT often, but if it is true for you, Term will not fit the bill. Learn the differences between Term, Universal and Whole Life. Don't let anyone tell you that you should NEVER use anything but Term. If you're one of the rare folks for whom Term is wrong, you'll be in bad shape if you did not get the right kind. START by checking into Term, though. It's your safest move.
3. Get a good local agent. It gives you a person you can visit and say "Fix it!" to and they have to do something. It's easier for an insurer to ignore you by phone than it is if one of their own people is doing the grunt work for you. Reputable agents will start by doing a few things:
A. Asking you a lot of questions to understand you so they know how much and what kind of insurance is right. If they don't want to ask questions and learn about you, find someone else.
B. Starting wtih low-cost products like TERM rather than immediately going for Whole Life. Yes, Whole Life has its place, but again, TERM is generally the place to start.
C. A reputable agent won't use hard selling techniques on you. If you feel pressured you probably have the wrong agent for you.
4. Choose a solid insurance company. The three highest rated in America that I know of are Northwestern Mutual, New York Life, and MassMutual. They all score in the best, or next-to-best, rating class from all the ratings services (AM Best, Moody's, Fitch, Standard and Poors) and have Comdex Scores or 99 or 100 (with 100 being the highest score). You'll probably pay a smidge more, but you'll be working with a company that's unlikely to go out of business or fail to pay claims.
Best wishes! |
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JesusLives
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hi i work with Primerica Financial Services a marketing division of Citigroup. We can find the right life insurance for you and at low prices, we have a complimentary Financial Needs Analysis to help you do so. We also help you retire early and pay yur home off early. you can visit www.primerica.com or www.primericaonline.com to find a Primerica in your location
you should speak with a representative,you wont regret it and it wont hurt to look into it. |
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Mick R
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I 800 met life...it would take pages and pages to explain |
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Mommy to 8 month old Jacob
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I work in life insurance.....go TERM all the way. And find a Primerica Office close to you...they give you the best stuff for a very affordable price and help you to invest along with it. DO NOT fall for the whole life policies... they are junk, and you dont even need life insurance for you whole life anyway....the best thing to do is get an investment going so you have money later... NOT insurance. : ) Any questions please email me. But please do go with Primerica...or any company affilited with them, you wont be sorry. |
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Gotetm
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Whole life agent up there is talking nonsense. This is straight from Bloomsburg business week.
The policies most likely to implode are those called universal, or adjustable-premium, life. Introduced in 1979, universal life lets a customer vary the policy's face amount--the death benefit--and the premiums paid. Most universal life buyers took high interest rates as an opportunity to buy more insurance for less cost, paying the minimum premium necessary, based on rates when they bought the policy.
Trouble is, those low premiums aren't guaranteed: If the insurer suffers rising mortality costs (the funds needed to pay death benefits), or falling interest rates, the customer may be forced to pay more premium or cut the death benefit. Mortality costs have actually trended down, but rates have fallen faster: 10-year Treasury notes, a proxy for the intermediate-term bonds insurers like to hold, averaged 13.91% in 1982 but fell to 8.55% in 1990. They now yield about 5.8%. Subtract a few points for expenses, and insurers are earning little more than the 3.5% to 4% minimum they guarantee policyholders.
How do you know what your insurer is paying? The policy itself is little help: Insurers aren't required to spell out how they compute the earnings they credit to policyholders. ''Universal life should be like an adjustable-rate mortgage: The bank tells you how it computes its rate, based on a published index,'' says Ronald Parry, an attorney with Arnzen, Parry & Wentz in Covington, Ky., who is pursuing two class actions over imploding universal life policies. But insurance ''is an industry allergic to disclosure,'' says Joseph Belth, professor emeritus of insurance at Indiana University. ''Insurers say their investment returns are trade secrets.''
SIGNS OF TROUBLE. If you have a universal life policy, you should receive an annual statement showing how your policy is faring. Dig up your latest statement and, if you can find it, the sales illustration--the forecast, prepared by your agent when you bought your policy, that shows how its costs and cash value were projected to build over time. The illustration was probably based on a rosy view of interest rates at the time of purchase; the annual statement uses actual current rates. Compare what the illustration says your cash value should be by now with the actual cash value from the statement. If your cash value isn't keeping up with the projection, your policy is headed for trouble. (Two other flavors of life insurance allow fluctuating investment returns. Those policies--called variable life and variable universal life--allow self-directed investments: The owner tells the insurer how to split the cash value among mutual fund-like pools, called sub accounts. Because these policies are sold as investment accounts, holders keep a better eye on how they're faring.) |
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