 I want to become an insurance agent, do I need do go back to college for that? |
| I've been told that all I need to do is take some classes but others tell me I need go back to college. I already have experience in the field I've worked for agents for almost 3 years. P... |
|
 What is the difference between renters insurance vs. homeowners insurance? |
| I've consulted my insurance company about insuring my personal property and said I need a renters insurance, but I own my home. I am confused. Isn't it what I need is a homeowners insurance?... |
|
 Do you think it wise for people to take insurance advice from this website? |
| 90 % of the answers/advice i have seen are incorrect & some even lean towards fraudulent & encourage deception- seek professional advise from an insurance broker!... |
|
 I feel stupid even asking but...? |
...when travel insurers talk about "single trip insurance policy", what does that *actually* cover?
The reason I ask is that I am going abroad, but before I get to my final ... |
|
 What kind of life insurance should my husband get? |
| We are looking to get a life insurance policy for my 25 year old husband. We have three young children so we're trying to figure out what would best provide for the family if God forbid ... |
|
 What is the average settlement for a minor car accident? |
| I was rear ended and have minor whiplash. What should I ask for my P&S cost (above my medical bills)... |
|
 If you have Medical Insurance and are treated in the emergency room, unconscious by a Dr. who is? |
....not part of your network, and get a huge bill a month later? What do I do?
Additional Details
The ins is BCBS-PPO and they did pay some already. I'm guessing the Dr is not a BCBS... |
|
 Which is better, term or whole life insurance? |
| My husband seems to lean towards whole life because the premium is cheaper and cash value is built? I lean towards term because when I was working in private banking, that was what was recommended. $7... |
|
 How long should I get a term life insurance policy for? |
| I'm researching term policies to cover the shortfall for life insurance from my work. How long is reasonable to get a term policy for? Term to 60, 75 or 100 years?... |
|
 My insurance is void because I didn't declare claims history, But I did, Please help!? |
| I am more than sure that I declared my previous claims history. I have held insurance with them for 18 months. I recently tried to make a claim but it was declined and I was informed that my ... |
|
 When people say "I dont have money to buy insurance?" how to solve this objection? |
| Sell people insurance will face a lot of objection.. How I gonna solve all the objection?... |
|
 Next year I will not have health insurance, what to do? |
| I am on my fathers insurance and next year I will lose it. I can't afford health insurance as I am a full time student. Is there anything I can do besides dropping out of school?... |
|
 Home Insurance? |
When i enquired about home insurance, i was asked if i had a criminal record.
Would they find out if i said i didn't have one?... |
|
 Legal rights for life insurance? |
| My late husband beleived that I was the beneficiary of his life insurance. I REMEMBER early in our marriage that we both changed our beneficiaries to each other. He told others that I was the ... |
|
 Why would they want my car insurance information if i was the pedestrian injured in an accident? |
I was crossing the street and was hit by a car. Why do they want my car insurance information?
Additional Details
Why would they want it? and what if my insurance expired?... |
|
 Is it legal for a doctor to refuse doing a procedure because insurance doesnt pay them enough to do it? |
Additional Details
let me add some..I am on medicaid, i want to have a procedure called essure done...medicaid covers it and there are a list of docors who perform the procedure that ... |
|
|  |
tpyne28 | Would you expect a person's need for life insurance to increase or decrease as they get older? |
|
 |
 
Doing the Right Thing
 |
It depends on how they manage their finances. I would expect the need for life insurance to decline. Right now, the client may have lots of debt, have kids, and own a home, and don't have much money saved, so loss of life can be devastating to the family. So the client needs lots of income protection. In the later years, kids grow up, mortgage is paid off, and hopefully the debt amount is low, so the need for life insurance is low, but the client better have lots of money saved for retirement.
My company has always sold term insurance and help the client invest the difference. Then the company got even more involved with the client by helping the client eliminate debt and create a financial game plan to achieve client's goals. Anyway buying term and investing the difference really works. 30 years ago, it was just theory that it may work. Clients from 30 years ago had no game plan to save and when they spoke to an agent, they now have about half a million to a million sitting in their retirement accounts. Too bad Roth IRAs weren't created back then, the entire account could go grew tax-deferred and they would have more money in it. Anyway, if you have that much money, do you still need life insurance? |
|
FrankieM
|
Most people would think that the need increases with age - however from an insurance viewpoint it actually decreases.
In theory as one ages his or her financial responsibilities decrease ie children leave home... mortgage is paid off etc.
Life insurance is to help one's survivors take care of outstanding financial obligations in the event of one's unexpected demise. |
|
Mark S
|
Life insurance needs decrease as you get older. They may need it to cover a few bills and funeral expenses but not much else. By this time, thay should have saved enough for a comfortable retirement. If this is the case then there, again, should be no reason for a lot of insurance. If, on the other hand, they haven't saved well enough, home is not paid for adn they still have a fair amount of cc bills, then i would say that they would need insurance. |
|
Still reading
|
Depends on how much older. During the years that a person is supporting a family, the need for insurance is greatest, and as earnings increase during that period, the need increases. However, once the family-supporting days are over, need would dramatically decrease. |
|
Hadley
 |
I would expect a person's need for life insurance to change as they get older.
Life insurance is to protect those who rely on you for financial support.
As you get older you may get married, have children, buy a house, buy a car and incur more financial debt and obligations.
However, as you get older, you may also save more money, thereby lessening your need for life insurance.
Either way, life insurance is less expensive (usually) if you purchase it at a younger age.
Also, term life insurance is the most inexpensive form of life insurance, generally, for younger people.
If you expect your financial obligations to grow in the future, you may want to consider level term life insurance for 20 or 30 years.
I hope that helps! Best of luck to you. |
|
Good♥Gyrl
|
It totally depends on the situation. If you're looking at a typical case where someone buys term as a youngster, then gets married, might leave behind a wife/hubby, kids, a mortgage and the like, then the need would increase. If you're talking someone who is considering dropping a policy or surrending part of a policy because they don't need to leave anything to kids/spouse, and not much in the way of bills/debts to cover, then it might decrease. However, surrending part of a policy may or may not be possible: it would depend on the type of policy you got and whether a partial surrender is even possible. If someone anticipates this happening, they can plan for it (the decrease) by buying a 20 or 30 year level term policy w/ a conversion period, then convert part of the policy to universal or whole life. |
|
Melody S
|
The need for life insurance typically increases for a while, then will start to decrease. It increases due to mortgages, kids, retirement needs etc....then will decrease as these things are paid for throughout ones life....its all individual though |
|
pjallittle
|
There's no "one size fits all" answer to a question like this. For example, an older person has had an opportunity to pay off their mortgage, acquire goods and property and would have even less needs, whereas a younger person is usually looking at more debt, college loans to pay, all of the prospective costs of establishing themselves.
So the real answer depends on the kinds of individuals that you are dealing with, on average, let's assume that the majority of older folks have managed their lives well. In those cases, the need for life insurance diminishes.
The younger you are, the less life insurance costs. Term life is the cheapest but has zero value, ordinary life has cash values that can be borrowed against and are "safer" than investing in the stock market.
Individual lifestyles are the most important considerations to planning. |
|
mbrcatz
|
Normally, it decreases, if the purpose is to put minor children through college, and pay off your house.
The only time it increases, is if the purpose of the insurance is to pay estate taxes. Estates tend to grow with age - and at the same time, dependents grow less dependent. After all, if you have $20,000 in the bank, no debt, and no dependents, you have NO NEED for life insurance, you can certainly pay for your own funeral!
So it is key to determine the intended PURPOSE of the life insurance, and like any OTHER financial tool, have an "exit strategy" in mind. |
|
ems
|
I would expect their need for it to increase as there is more ways for them to hurt themselves as they are more fragile. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 38 minutes(s) ago
| | | |
10 | 39 minutes(s) ago
| | | |
10 | 53 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
10 | 11 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
8 | 5 day(s) ago
| | | |
10 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Insurance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
