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Seriously.
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Additional Details
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Hello,
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Additional Details
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C Z | What type of life insurance do you recommend??? |
I am male, 37, non smoker, 3 kids, working wife, make about 72,000 a year. |
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Bradley S
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Basically you have two options for life insurance: term life and whole life. You pay a monthly premium with each. A term life policy is much less expensive. It will pay a death benefit in the event that you die during the specific time, or term, covered by the policy. A term life policy has a start date and an end date. If you die the day after the policy ends, the insurance company does not pay a death benefit. The premiums that you pay for a term life policy will be gone when the term is up. You will never see that money again.
A whole life policy covers your for your entire life. If you die the day after you take out the policy, you are covered. If you die in 20 years, you’re covered. And if you die when you’re 80, you’re covered. In the mean time, the insurance company invests the money you pay in premiums, and some of the earnings are put into your policy in the form of cash value. The cash value builds over the years. At some point—when you are on a fixed income, for example—you can use your cash value to pay the premiums, keeping your policy in force. A whole life policy costs more than a term life policy, of course, because of these investment features.
Some people say that you could invest the money you save by getting term life in something that earns more money than a whole life policy. That may be true, but be realistic about your investing skills: Would you really invest the premium savings? Do you know enough about investing to guarantee a profit? Whole life is guaranteed to build cash value. Good luck! |
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Jennifer M
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I would imagine that term insurance would be best for your situation. Term insurance is like renting a house instead of buying it. The insurance costs less because you are only paying the actual cost of the insurance. It is possible to get higher levels of insurance cheaper (if you are in good health, non-smoker and do not travel out of the US a lot or have any dangerous sports or hobbies that you do) Now some of the downfalls to this are that usually you can only have the insurance leveled off for up to 15-20 years. That means that when you are older, it will be more expensive to purchase the same amount of insurance because your health would have changed. I really saw a substantial increase after my husband turned 50.
One the other hand, if you buy whole life insurance, it is as cheap now as you will probably ever have to pay for it. You will not get younger so your payments are based on your age now until usually 95 or if you die before then (there are also possiblities with some insurances to let the dividends pay the premiums in the future) You will be making the payments on this policy until you are approximately 95 unless there are other options in your policy. This way you have a base amount of insurance, but you "own" the insurance policy and often times have the benefits of borrowing cash value from your policy (yes, it must be paid back) and having your policy increase substantially depending on the premiums that you pay. You are paying the base pay of the insurance and then the additional money is basically in a separate account that grows and makes the policy increase in value.
Hope this info helped you in making a decision. Although most insurance agents can be a little overbearing and put it on a little thick, you might consult one and get some recommendations that would be tailored to your needs. A lot of agents like to see if your insurance will really cover all of the needs that you will want to take care of such as mortgage payoff, debt consolidation, college tuition. The amount of insurance that you will need will be based on how much income you plan on replacing and for how long? Do you want your wife to be able to pay off all of your debts and the house and have money for college? It is all part of your own priorities. |
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Hadley
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I would recommend the type of life insurance that meets your needs and fits your budget.
If you want the maximum amount of protection for your family, you may want to consider term life insurance.
Term life insurance provides you with protection for a specific number of years, usually 10, 15, 20 or 30 years. You may want to consider 30 year term life insurance to provide protection for your wife and children for 30 years.
Also, 30 year level term life isnurance will provide rates and coverage that remain the same each year for the entire 30 year period.
Make sure you compare rates from several insurers because rates may vary by up to 50% or more between companies.
Consider paying your premium on an annual basis as this may save you some money.
Also, consider a rider to include coverage for your wife and kids if you think you need to insure them too.
You can compare sveral quotes with no obligation at https://www.efinancial.com/smartquoteefc.aspx?source=389-707-1
I hope that helps! Best of luck to you and your family. |
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LifeInsuranceAgent
 |
Term insurance is typically the best way to go if you are looking to provide income protection in the event of death, and to provide coverage until your kids are old enough to be on their own...typically look at coverage that gets your youngest child through college age.
If you take your income, factor in 3% inflation, and avg return on assets of 6%, a simple needs analysis shows:
If needed for:
10 years = $635,000 of coverage
15 years = $890,000
20 years = $1,111,0000
30 years = $1,500,000
This doesnt factor in other assets available, social security, other death benefits, income from spouse, other factors, so this can go up or down accordingly. Good luck. |
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HULEN Z
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i would buy a 30yr Level Term Garenteed Insurable
Low cost first thirty years. till age 67...by then you should not need insurance...invest invest invest for retirement...Primerica is the only company that will offer 35yr level term if that best suits your needs...i hope i helped and good luck...buy term and invest the difference |
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Mr. Prefect
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Consider "level" term life. You will pay a stated amount for x-number of years. This is pure insurance protection, as if you live, you will get nothing at the end, similar to someone who rents instead of buying a home that can be cashed in eventually.
If you go with whole life, you will be paying for it.............. your whole life. Yes, it earns interest, a whopping maybe 3%, and if you one day borrow against it, you will pay interest on your own money. If you die, your spouse will get the face amount, but will not get the interest. Whole life costs up to 9 times as much as term, hence many agents don't want to sell term, as the commission is small.
DO NOT GO WITH ANY VARIABLE policy, and if your agent recommends this, ask him why. Tell him it is hit or miss, mostly miss, and ask if the only reason he brought it up, is because he'll make a huge commission, and will continue to do so, for as long as you pay this policy. |
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Pamela B
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Most everyone now recommends term due to the cheaper rates.
Good luck |
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C O
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Term life insurance is the best. life insurance is meant to protect your income for your family not to get rich off of and is for your needs while the children are still in the house. After that you should have enough money saved into a fund SEPERATE from a life policy so that you won't need life insurance past retirement age. Your wife also needs insurance and so do your children.. Your wife is also bringing in an income and as for the chldren 10-25 thousand is all you should need on a child.. This is so you do not go into debt paying for a child's funeral should an untimely death occur.. Also it gives you a little cushion so that you are not forced to go back to work right away... I hope that helps |
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appstate
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Good job everyone Term is the way to go unless you ask an insurance sales person then they will tell you whole life because they make more money for the sales agent. They don't make much off term. |
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insuranceguytx
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Your question is impossible to answer. I don't know how much you have in savings and retirement accounts, how much you owe, how much you spend, what you want the insurance money for, etc. etc.
Buying ONLY term insurance works well if you die during the term of the policy.
So speak with a licensed insurance agent and ask a lot of what if questions.
Personally, I own a lot of term insurance AND a permanent policy (Universal Life - overfunded). These policies suit my needs and my budget. |
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insuranceguy
 |
So many people giving advice without really knowing nearly enough about his situation.
Somebody said that he would not need insurance by age 67. How can you or he be sure of that? If he were to die at age 68, his wife could conceivably live another 20+ years. Are all his investments, 401K and IRAs guaranteed?. Does anyone know for sure if those will provide enough retirement income? If they are both collecting social security (if it is still around at all), she must choose his or hers when he dies. With the drop of income, will it be enough? If he has a pension, at his death, does she get all, some or none of it? These are all important questions and some may be unknowable at this point. Therein lies a good reason for having at least some of ones life insurance be permanent. Here is something else to consider. If a person gets in a financial bind and cannot afford the premiums, they stand to lose the term policy. There are no options. What if they lose it and no longer are insurable or have to pay much higher premiums because older age or poorer health? A universal life policy offers the flexibility of using the cash values to pay the premiums for awhile. Understand that this could impact how long the policy will last but you have the option to catch up on premiums later when things are better so that the policy can be extended past life expectancy. Or you can reduce the amount of insurance to achieve the same results. The point is- A UL policy gives you many options that term does not. A combination of term and a UL is usually the most prudent approach. A good insurance advisor will work with you on comingup with a combination that meets your insurance needs and budget. |
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