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mama penguin of destruxion | What if i die tomorrow what type of life insurance policy should i get? |
I see a lot of choices but which one should i choose?
Please only serious knowledgeable answers I do have a family that relies on my choices |
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Financial JUSTICE
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If you know you are going to die tomorrow, I would buy an annual renewable term (1 year term policies that guarantees that you can renew it without any medical underwriting).
But seriously, you need to take a look at your current financial situation. Do you have a mortgage? Do you have credit card debt? Do you have other debt such as auto loan or student loan? How long will you be in debt? Are you saving all the money you can save?
If you died tomorrow, is the coverage enough to cover all your debts and your family's expenses for the next few years? Most people who own life insurance would say no because they own some sort of life insurance that builds cash value. They would want more coverage, but they can't afford it. Cash value life insurance is very expensive and most of them don't know the alternative, which is term insurance.
Term insurance allows people to buy the right amount of coverage they need for low amount of premiums. Term insurance doesn't build cash value, that's why the premiums are much lower than any other types of life insurance. Since it doesn't build cash value, it gives you the control of where you want to save your money (at a bank, in mutual funds, in your 401k, IRA, etc).
If you answer the questions above, that should help you figure out how much coverage you need and how long you need life insurance for. It is best to talk to a financial professional (not a life insurance agent) who can understand your financial needs.
Personally I own a 30 year term insurance and I invest monthly in mutual funds in my Roth IRA. Any financial expert would agree that you should pay yourself first before paying others (your bills) and then spending the rest. Do you want to retire with lots of money or with little money?
If you understand the theory of decreasing responsibility, it says that right now, your life insurance need may be high, but your personal savings is low. You may have debt, a mortgage, and kids dependent on your income. So you need lots of coverage. In the later years, your debts should be paid off and your kids should be independent since they are adults, so your life insurance needs are low or non-existent. But you are getting closer to retirement, so you better have lots of money saved.
That's why I own term insurance and invest on a monthly basis. |
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bud68
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Go to Yahoo Finance, click on "Personal Finance" and read the section on life insurance. It explains the major policy types. |
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Michael M
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It's hard to answer given that your choice should be made based on more specific information.
Just as a general rule I would usually recommend term life insurance for replacing your lost income and helping to pay back debts that you may have. If you have a young family this will help them get through the transition of losing your income, pay off debts and start college savings. Term insurance gives you more death benefit for your money.
If you are just looking for a policy to cover your final expenses like funeral costs no matter when you die then a simple whole life insurance policy is the way to go. |
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Keepitsimple85
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Go with Term. Highest amount of coverage. Costs less per thousand than whole life. |
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Uh huh, go on I'm listening
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At the very least, I strongly recommend homeowners to have their homes covered. All persons on the mortgage, should be covered. That way at the very least the home will be paid off.
Other than that, it's really a personal decision you and your partner/spouse need to decide on.
I'd suggest, at least have your home covered and possibly 100k or more in cash insurance covered. |
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avreyes2004
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if death can be predetermined with near accuracy with respect to time best to get a high coverage term insurance.
However if death will likely involve a bout of hospital confinement best to get protection from dread diseases or cancer. However, most policies that provide some sort of compensation for dread disease or cancer is a participating policy meaning its a whole life policy-usually more expensive than term insurance because it gives more safeguards to the client. What is best is to get a whole life plan and add a rider that allows you to have a suplemental term insurance. The term is cheaper but provides life protection but the participating polocies gives "cushion" for certain illnessness that would have been too expensive if solely shouldered by client |
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Insurance Pickle.com
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Use the tool on my site as it quotes 10 different kinds of plans from ~150 different carriers.
It asks for no personal information other than a date of birth to use...
http://insurancepickle.com/life-insurance
There's also info there about the types of plans. |
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4
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dun be silly, if u 2 die tomorrow after u have bought your insurance, u still wont get compensated from the insurance companies. Read the T & C, there is a clauses saying about a probation periods of your bought insurance, especially suicide or act of misdeath. something like that lah.
These are usually the cash back benefits insurance. Oh yes, remember to enhance your medical insurance to lower your mthly premium paid to the insurance companies.
If u want 2 die tomorrow, it is the non cash back insurance policies. What u pay for is what u get and what u get is what u get compensate as long as it is in effective by paid monies for a certain periods. e.g. travel insurance.
Funny, why dun u go and check it out with NTUC income insurance or AIA or any other insurance companies, they have all informations u wanna to know! imao! U r asking here. are u thinking of dying?
Always ask one simple question. What are the things that covered and not covered in the event of accident or death especially related to your lifestyles and your jobs! |
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Blue Phoenix 32
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I have no idea. I have never worked in an insurance company before. I used to have an insurance savings policy but I have cancelled the policy long ago, and have even forfeited part of the money. |
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Steve S
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The one you can afford to keep in force. |
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