 Term Life Insurance vs. Whole Life Insurance?? |
| I have heard many arguments, can you guys give me some input please? I have been told that whole life is a ripoff, but I need some examples. T... |
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 My mother just passed away with a 300,000 life insurance policy? |
I am the beneficiary and live in massachusetts... will i have to pay taxes on this money?
also, any investment ideas i should think about with this money?... |
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 How can I insure a bright future for myself when i am only a kid? |
| I'm in middle school and wondering how can i get that dream job that pays a lot or that big scholarship. Want to know whats really out there in the world when i leave the providing guardians and ... |
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 Can an apartment complex require you to have renters insurance before renewing your lease? |
| My apartment complex is requiring us to have renters insurance before we can renew our leases. Is this legal?... |
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 Need advice on Whole Life Insurance Policy!? |
| Just to make a long story short: I have had a life insurance policy since I was 22. I put in $1200/year. I am now 26. I was talked into getting this policy from someone who I respected but does not ... |
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 House fire, should we get a lawyer? |
| we had a house fire two days after chrismas and pretty much lost everything now im having to deal with filing claims and talking to the insurance people and i have no clue about any of that legal ... |
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 Denied home insurannce? |
| i've been denied home home insurance due to number of claims and non-dosclosure of details, what can i do.... |
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| Paying out of pocket. My fault or the dentists? |
| My dental office assured me my insurance would take care of most of the cost for a tooth removal procedure. I payed the premium and went on my way but a month later the dental office called me saying ... |
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 I have 4 cars and i wondered if there was a car insurance which would cover all 4 cars? |
| is there anything out there like a fleet insurance or something? Can you give me the companies names? i am in the ... |
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 What comes to your mind when you hear the word "insurance"? |
Without thinking about it. What was the first response that pops into your head? If it is more than one thought please list them all. Not any particular type, just the word itself.
INSUR... |
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 Is there such a thing as joint life insurance? |
I'm looking for a life insurance policy that insures 2 people with just 1 policy (like a husband-wife policy). So that if 1 dies, the survivor becomes the beneficiary.
I was thinking if ... |
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 How much does health insurance cost? |
| 18 year old, no dependents, on my own, no parental support. Tell me the cost of buying it myself.... |
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 How much life insurance is really necessary? |
| I am a 26 year old married mother of 3, and the sole income of the household. We have no assests, and do not own a house.... |
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 Just broke new phone. Insurance? |
I broke my phone the day after I got it and didn't get insurance.
The phone was dropped and was ran over by a car. My friend gave me the idea to get insurance (since the 14 days isn�... |
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 What do you think the average 20 something should be making as a yearly salary? |
| Im asking b/c im in my mid 20's and feel as if i should r could be making more.....I can work in pretty much any field based on what i went to school for other than medical. I live in nyc.... |
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tee | What should I look for or be wary of when choosing life insurance policies? |
What is this about critical illness? I am in my 20s and no significant medical history, but there is a family history of heart disease and late onset diabetes. |
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Doing the Right Thing
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First, check financial ratings of this company from AM Best.
Second, be on alert when the agent is trying to sell you life insurance plans that contains cash value or savings in it.
Third, always ask about term insurance and what's the maximum term they offer. You should try to get a 30 year term policy.
Forth, open a Roth IRA and put money in it every month.
Since there is a family history of medical problems, you may not qualify for life insurance. If you do, you will pay lots of premiums. |
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Denny T
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Most important thing if you are that young is to get a GOOD agent. Which basically means, how comfortable you are when you meet with them.
You will hopefully have a long term relationship with this agent that can stay with you for awhile, and can adjust your insurance needs as you grow a family, increase income, etc.
But with regards to specific policies, since you are a young, they will MOST likely try to sell you a whole life policy, which is essentially an insurance plan that makes interest. That interest is low but over time it can add up to a small savings account. These tend to be more expensive, but there are so many different plans per insurance company you should ask your agent to provide you the info to review,
Term life insurance is essentially what most young people get. When I was 22 I started to buy life insurance, and I purchased a few term life policies that covered me for 30 years.
This is mostly for catastrophic events like car crash, airplane, etc
(how morbid!).
However, it also is there for health issues as well. Luckily or unluckily for me, I was diagnosed last year with cancer (29 years old now). I am cured of the cancer (yay), but now I can't buy insurance anymore.
I am SOOO glad I purchased as much insurance as I did way back then and kept it.
You are smart to be thinking about insurance needs at your age.
I hope this helps!
Best of luck! |
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Mikki C
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When buying life insurance, you want a policy which fits your needs without it costing too much. First, you should decide on how much you will really need, how much you can afford to pay, and the type of policy you want. Second, find out what various companies charge for that specific kind of policy.
One way in deciding on how much life you will need is to figure out how much cash and income your dependents will need if you were to die in the near future. Think of life insurance as a source of cash needed for final exprenses, paying off taxes, mortgages and/or other debts. Life insurance can also provide income for your family's living expenses, educational costs, and other future expenses. Your insurance policy amount should come as close to making up the difference between 1) what your dependents would need if you were to die now, and 2) what they would actually need.
There are three basic and current life insurance policies: term insurance, whole insurance, and endowment insurance. The following is an outline in which the important features are noted.
TERM INSURANCE
Coverage protection: for a "term" of one or more years, usually 30 years being the maximum
Death benefits: paid only if the policy owner were to die within that term of years
Renewable: some are renewable for more additional terms even if the olicy owners' health has changed
Convertible: before the end of the conversion period, the policy owner may trade the term policy for a whole life or endowment policy even if he/she is not in good health
WHOLE LIFE INSURANCE
Coverage protection: death protection for as long as the policy owner lives
Cash values: a benefit the owner does not lose when he/she stops paying the premiums
Loan: the cash value may also be used as collateral for a loan
ENDOWMENT INSURANCE
Income benefit: pays a sum or income to the policyholder if he/she lives to a certain age
Death benefit: if the policy holder were to die before that certain age, the death benefit would be paid to the designated beneficary or beneficiaries
In summary, do not buy life insurance unless you plan to remain faithful to it. A policy can be a smart buy when hels for 20 to 30 years, but it can be very expensive if you decide to quit during the early years of the policy.
When you finally receive your new policy, be sure to thoroughly read through it and inquire with the agent on anything that you do not understand. It is also important to review your life insurance policy every few years or so to keep up with income changes and life responsibilities |
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eenglish4france1
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take time to read policy again and again |
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Arcangel005
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This is hillarious. Most people's opinions on life insurance are WAY out dated. First of all, you should ONLY buy term insurance. This is because no matter how much money you funnel into a cash value policy you will NEVER EVER get it back without canceling the policy. In order to get it before that, they charge you interest, and if you don't pay it back, they just reduce your face amount. If you die with cash value still in the policy, the company pockets it. If you dont believe me, read your policy. Only buy term.
The only reason to need insurance for your whole life is if you didnt plan on retireing in the first place. In other words, you can cancel your life insurance policy once you have enough cash saved to cover an untimely death.
"Whats wrong with your life insurance" Great book for those that dont believe me. |
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Agustin-Jean F
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The seller, be very careful, don't get bullied into buy a very expensive policy
Try
www.comfused.com
or
The
www.which.co.uk
site, they give good unbiased advice |
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aoifeb2000
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You're quite young and healthy, so you'd really only need "box money": enough to pay for your funeral, settle outstanding debts, etc. Renewable term would probably be a good idea, but don't get a very large face amount, or else your premiums will be high...
Sorry, but I don't know what kind of premium you might be paying for certain amounts, since I work for an insurance company and we get a pretty good deal on term life for employees...*smile* A good agent will be able to help you out, but don't let them sell you something you don't need...Remember they work on commission... |
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robbief1999
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The small print. The buggers always catch you out with sneaky, hidden clauses that you didn't notice. |
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Travis S
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Really, it is quite easy to explain...as long as you tell the truth and if there are any changes in your life i.e. if you start smoking to tell your agent so he/she can reevaluate your policy. There has never been a case in life insurance that the death benefit was not paid out, unless it was a frodulent case. Meaning if you tell the agent you don't smoke and you die of lung cancer from smoking..the death benefit will not be paid out. Just remember always be as truthfull as possible with your agent. If you need help with what you actually need, you can e-mail me at shainsuranc@yahoo.com and I will send you out some quotes! We can also talk more in detail after we make contact! |
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529s.com
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Critical illness insurance gives someone coverage while they are sick. Its more important in most cases to have a good life insurance and disability policy. |
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Gina H
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I would suggest getting life insurance while your young and getting a high amount. The reason for this is your rates are lower and younger people need more insurance than at any other time in our life. The reason is this you have more debt, a mortgage, kids, loans etc. The older you get the kids grow up, house gets paid for and debts are usually paid off. I would suggest a 20-30 year term with a Return of Premium and a Accelerated Death Benefit. A Accelerated Death Means if you are diagnosed with a terminal illness you can pull half of your life insurance out and use it. |
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beauty gal
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There are basically four kinds of life insurance policy.
1. Term life insurance policy. A term life insurance policy is a life insurance policy that would deliver benefits to the insured’s beneficiaries for as long as the insured would pass away within the term specified in the said term life insurance policy. The term in this life insurance policy usually lasts for 5, 10 and 20 years.
2. Universal life insurance policy. A universal life insurance policy is known for its outstanding flexibility. With this kind of life insurance policy, you could adjust the premium and the policy to suit your needs.
3. Whole life insurance policy. A whole life insurance policy is like wine which becomes finer with time. The longer such a life insurance policy goes, the more interests it builds up. Some of these whole life insurance policy programs even offer dividends for the insured.
4. Variable life insurance policy. A variable life insurance policy would allow the insured to decide on how the insurance should be invested. Availing of a variable life insurance policy is like having a controlling share in a company. With a variable life insurance policy, you could tie the performance of the life insurance policy with current financial trends.
If you need more information on choosing life insurance policies, you can visit the site : http://www.life-insurance.mygeneralknowledge.com/. |
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