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I'm asking for my mom...
She got a quote from Nationwide & it was $190 every month. That is who she has now. Then Progressive quoted her $289/month.
Gosh, it is expensive!... |
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 Auto insurance question - this is crazy!!? |
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| My previous car insurer has cancelled my policy 3 month into the policy. They said they would pay me for the 9 months i had left. The thing is they paid me it on the 22nd august by the correct amount ... |
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Keynes_MLC | Why you would be better off buying a 20 year term life insurance policy at age 25......? |
Why you would be better off buying a 20 year term life insurance policy at age 25 rather that buying a one-year renewable policy? |
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harvardbeans
 |
There are 3 factors you need to look at:
1. How much coverage do you need?
2. How long do you need coverage?
3. How much $ can you set aside per month to get the coverage?
The shorter the term, the less the premiums will be.
If you need the coverage for 20 years, and can afford the premiums for the 20 year term at the face amount you need, then that is the best fit for you. It will cost less over the life of the term.
If you need one million dollars of insurance, and can only afford a fraction of that with a 20 year term, but could get the whole million if you shorten the term to 10, 5 or 1 years, then you should consider a shorter term.
I write a lot of short term policies to younger clients that are not yet financially established, because they can protect their families with the entire coverage amount at an affordable price. |
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Financial JUSTICE
 |
With 20 year term, the premiums remain level for 20 straight years.
With one-year renewable term, the premiums goes up every year because you are getting older.
If you do the math, the 20 year term will cost much lower than a one year term that renews every year.
Read more about life insurance here: http://finance1o1.blogspot.com |
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AJ
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Most annual renewable life polices increase the premium when your age changes to the next age bracket, thus the same coverage costs you more, however how long do you wish to keep it? The 20yr term guarantees you the same premium. You need to compare what the cost of the same coverage is for your given age with that company.
The renewable policy as well may require you to take an annual physical and answer health questions, not the 20 year term. |
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Hadley
 |
20 year term life insurance policy at age 25 would be better off than a one-year renewable policy for the following reasons:
1. Guaranteed Rates for 20 years.
2. Rates that remain level for 20 years.
3. Limits of coverage that meet your needs and fit your budget that you can count on for an extended period of time.
4. Your insurability is guaranteed for 20 years.
5. Less hassles, time and effort. You do not need to renew it each year.
Here's How Term Life Insurance Works:
Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years.
Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.
Usually, term life insurance costs less than permanent life insurance.
At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.
Term Life Insurance Has Three Standard Features:
Level
Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.
Convertible
Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.
Renewable
Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).
For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.
I hope that helps! Best of luck to you in choosing the plan that meets your needs. |
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michael_w_anderson
 |
Fixed price vs. adjustable price |
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doncunn8
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The 20 year term is actually a safer bet than the ART. Term insurance offers the most insurance for the least premium dollar. However, there are other considerations you need to make. When that 20 years is up, then you will be up for renewal at the premium computed for a 55 year old, which is going to be considerably more expensive. You will also be required to furnish proof of insurability by taking a physical examination and/or completing a medical history form. The company then has the right not to renew you if they feel that your medical condition is going to make you a poor risk.
At age 25, you need the most life insurance you can get for the least amount of premium. But taking the above into consideration, it would be better to take out term insurance and also whole life (regular life) insurance. Say if you wanted $100,000 in coverage, then take half of that out in a 20 year term policy and the other half in a good whole life policy. The premium for the whole life is going to be more expensive, but it is never going to increase. The term life will.
When you reach age 55 you will probably be in better financial condition, your home will be paid for and your children will probably be grown and out on their own. So at that point in your life you may not need as much coverage and can decide not to renew the 20 year term. |
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skypilot5973
 |
You'll have inexpensive insurance at a fixed price for twenty years, and you can put the money you would have paid on a renewable policy into mutual funds and be further ahead.
The purpose of insurance is to replace lost income due to accident or death. If you get term and invest the difference, you can replace your income that way and eventually walk away from your job! |
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alexandmartini
|
I work for a Life Insurance Company and term insurance is a rip off for lack of a better word.
If you take out a whole life policy your premiums, what you pay a month/year, will never go up! They will not ask you any health question down the road and will offer to let you take out additional coverage later without any medical questions. Sure, a term policy may be cheaper, but down the road when you will really need it, chances are you will have some type of health issue that will do one of two things : make your rates skyrocket or possibly make you uninsurable.
I know this is a crummy way to look at it but if you have term, don't die then it's in a way money down the drain, but a whole life will be with you forever! |
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Tom Z
|
A 20 year level premium term policy at you age will be very inexpensive. You will have a guaranteed premium for the next 20 years.
An annual renewable term policy will increase at each anniversary.
Have an insurance agent prepare a proposal that will compare total cost of the annually renewable term policy versus the total cost of the 20 year term policy. The 20 year term policy's total cost will be cheaper if you keep the policy for 20 years.
On the other hand if you take the 20 year term policy and later decide to cancel it after 5 years the annually renewable term policy will be the cheaper alternative. |
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insuranceguy2003
|
yes because the cost of the insurance will go up every year. The best policy to buy for long term protection is a whole life policy. Term insurance go's up in cost as you get older and often becomes too expensive when you really need the coverage to settle tax and estate issues. Remember the proceeds from a life insurance policy is tax free |
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jeffery d
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Hey there!! Its true you would be a lot better off if you bought a 20 level term policy guarteed level for 20 years, not 5 and convertible to cash value. A one year renewable policy goes up in cost ever year. Unless you know when its your time u should be protected for the longest period of time and most cost effective, not the cheapest. By the way ask how much the agent will get paid for the 1 one year policy renewed for 20 years verus one policy for 20 years. Ok I say cash value or whole life if you choose to use, has high expenses and low returns on cash value accts. and when you die they in most case will keep the money in the cash value acct and give your family the coverage amount. |
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Major Break Through
|
Take a look at whole life also.
They, indeed, are tricky but could be a better buy
and the real savvy insurance person will talk about the
whole life policy but not necessarily push it. |
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mbrcatz
 |
What's the POINT of a one year renewable? I mean, you can buy 20 year renewable, and lock in the rate. What's the need, that you're ONLY going to have the need for ONE YEAR??
I've never figured out what the point was. Maybe you have a NEED for only one year. Then you buy a one year term policy. Please let me know what that need is, as I"ve never been able to figure out what it would be.
Define the goal, THEN select the product that best fits. |
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aaron p
 |
Sounds like NY Life or Northwestern. I'd check around to see if there isn't a better deal for you. There are plenty of competitive companies that have enviable financial reputations.
I used to support other agents and the only ones who pitched renewable term worked for NYLIC or NML. |
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avaldreteiv
|
Would you be better off buying a 20YR term vs a Annual renewable... it depends... what is the purpose of the insurance... do you plan on needing the insurance after age 45? Do you plan on converting the policy... ever?
Yes a 20 YR term will be locked in for 20 yrs, but the premium will be higher for the first 10 yrs than most Annual Renewables. So there is a savings factor to Annual Renewable even if the premium increases every year.
If you are thinking that you need the insurance to cover long term needs like a child's college education to be completed in the event you die before you have time to put enough money away, and you like the idea of a consistant premium and are not concerned with saving money on the first 10 yrs, than a 20YR term would be the better option.
If you are thinking though that you are going to need the insurance past the age of 45, you may want to consider looking at a mixture of the Annual Increasing Term and a permenant insurance policy. You can convert most Annual Increasing Term policies in the first 10 yrs to a permenant policy, depending on the company you go with you may be somewhat restricted with the type of permenant. Look for a company that gives you the choice of all of their insurance options not just what they "deem as good for you." |
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