Nightfall
My Goal Is To Deny Yours
Premium,MVM
join:2001-08-03
Grand Rapids, MI
clubs:
 ·Site5.com
 ·AT&T Midwest
 ·Comcast
| Life Insurance Questions
I have been looking at getting life insurance for my wife and I. Mainly to protect the other half in case something happens to one of us. That being said, there are so many insurance companies out there that I have no idea where to start. I would like to keep it separate from my current employer who offers a 50k policy for each employee.
I also don't know what kind of policy we need. I hear all this talk about term life insurance and I don't know what the difference is. I am also looking for a good legit company to go with.
My wife and I have been married since August of 1999. We have no children. We are right now planning on not having any. I am 36 and she is 35. We both take good care of ourselves and don't smoke. No medical conditions that I can think of.
Any information you might have would be greatly appreciated.
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McSummation
Mmmm, Zeebas Are Tastee.
Premium,MVM
join:2003-08-13
Round Rock, TX
·AT&T Southwest
| The only reason to have life insurance is if you can't support yourself on the one income.
"Term life" is cheaper / month than "whole life" for the same coverage. "Whole life" has a "cash value" which is a type of savings account with a very poor rate of return; therefore, avoid it. |
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icp1
Premium
join:2000-10-13
Saint Louis, MO
clubs:
·AT&T DSL Service
·AT&T Southwest
| reply to Nightfall
I found my life insurance company through insweb.com, got a bunch of comparisons there. Then of course check out the company before you sign with them.
Term life is the absolute only way to go -- it just means life insurance for a set term (usually 10-15-20 year "term")
You pay only for insuring one of you passing...as opposed to all different kind of "whole" life policies that are sort of insurance plus investing -- and never, I mean never good investments  Leave insurance to insurance and investments to investments.
Without kids you don't need a ton of insurance usually...depends on if you both work and have dependable jobs. |
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Nightfall
My Goal Is To Deny Yours
Premium,MVM
join:2001-08-03
Grand Rapids, MI
clubs:
·Site5.com
·AT&T Midwest
·Comcast
| said by icp1  :I found my life insurance company through insweb.com, got a bunch of comparisons there. Then of course check out the company before you sign with them. Term life is the absolute only way to go -- it just means life insurance for a set term (usually 10-15-20 year "term") You pay only for insuring one of you passing...as opposed to all different kind of "whole" life policies that are sort of insurance plus investing -- and never, I mean never good investments Leave insurance to insurance and investments to investments. Without kids you don't need a ton of insurance usually...depends on if you both work and have dependable jobs. My wife and I both have dependable jobs. Hers is much more dependable than mine as she is a Pharmacist. I am a IT guy and while IT jobs are good in my area, its not as good as health care. We could support the house and bills on one income (mine being the smallest) but it would be tight to do so. The main objective of life insurance is to make it easier for the other. If something happens to me, then at least the life insurance could pay the house off and that kind of thing. We aren't looking for $10 million dollars or anything like that. $250,000 would be fine.
I will check out insweb. Thanks! |
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Mickeyme
Things are not as they seem
Premium
join:2008-09-05
Carson City, NV | reply to Nightfall
My wife and I have term life.
My wife switched over from our old insurer to John Hancock they offered double the insurance for the same price, I had to keep our old insurer because of illness I have. |
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Kibbles
Premium
join:1999-07-31
Mission Viejo, CA | reply to Nightfall
Get Life/Term Insurance as well as Mortgage Insurance.
I suggest at least a 500k to 750k policy.
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»www.angryrenter.com/ |
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rfhar
The World Sport, Played In Every Country
Premium
join:2001-03-26
Buicktown,Mi
clubs:
edit:
October 6th, @03:44PM
| reply to Nightfall
Term insurance will likely be all you will need unless you want to have your burial payed by a Wholelife policy upon your death at when you at the end of your normal lifespan. |
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SilverSurfer
join:2007-08-19
| reply to Nightfall
said by Nightfall :Any information you might have would be greatly appreciated. Pick one, they're all the same. You're going to get fleeced no matter which company you choose since the industry's entire reason for being is to ensure that they never pay out/pay out very little when the claim comes due. Insurance is a scam, but life ins. especially so. |
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Mickeyme
Things are not as they seem
Premium
join:2008-09-05
Carson City, NV
| said by SilverSurfer :said by Nightfall :Any information you might have would be greatly appreciated. Pick one, they're all the same. You're going to get fleeced no matter which company you choose since the industry's entire reason for being is to ensure that they never pay out/pay out very little when the claim comes due. Insurance is a scam, but life ins. especially so. Life insurance is not a scam, my parents died and had insurance and I had no problem collecting on them.
I kind of agree to a point they are all the same, but, shopping around and finding the cheapest is a smart thing to do.
Here in Nevada they have a website that tells you what insurance companies are legit in Nevada.
When someone dies the easiest way to cash it is to give the funeral people the papers to pay for the funeral and they will have the papers processed for you in about 2-3 weeks tops.
They take their money and the insurance company forwards the remainer of it to you. |
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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
·Cox HSI
·AT&T Southwest
| reply to Kibbles
said by Kibbles :Get Life/Term Insurance as well as Mortgage Insurance. I suggest at least a 500k to 750k policy. I had mortgage insurance and I cancelled it. I found that life insurance was much cheaper for more money then Mortgage insurance, and if you think about it, they are really the same thing, just go about it in a different way.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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rfhar
The World Sport, Played In Every Country
Premium
join:2001-03-26
Buicktown,Mi
clubs: | reply to Nightfall
If you look in the phone book for an independent insurance agent he will look over several different companies and find you the cheapest one that is least likely to go bankrupt. |
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8744675
join:2000-10-10
Decatur, GA
| reply to Nightfall
Stick with Term insurance over Whole Life. It's much cheaper. If you belong to a Credit Union, many offer Term life at a group discount rate that is better than you can get on the open market. I have a $50,000 policy that cost's me about $160 a year for my age bracket (50-55). It goes up a little each time your age hits a new age bracket. It now also lets me receive 1/2 the amount while I'm alive if I become terminally ill and not expected to live more than 2 years.
I receive a morbidly funny letter from them last year. It said due to low claims, they were offering a special. If I died before Dec. 31, 2007, I would get and extra 25% of the policy value. Now I love a good deal, but that's one I just had to pass on! |
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County
·Speakeasy
edit:
October 6th, @01:32PM
| reply to Nightfall
»www.reliaquote.com/termlife/defa···00000000
»www.intelliquote.com/default.asp···nsurance
»https://www.selectquote.com/home4/form/q···Tracking
I have used the first 2 for quotes before and seem to be good. Most will give you a rating of the company (A, AA, AAA+ and the like). The rating should be explained and you naturally want a high rating. At www.AMBest.com you can see if there has been any news on a given life insurance company - good or bad.
I have insurance via Genworth, I believe, and have nothing bad to say about them and the price seems to be reasonable.
I have term - it is all I would ever get. I don't believe insurance should ever be an 'investment' tool like whole life. It is very rare that whole life would be good for anyone but the salesman (they are high commission plans). I think life insurance is death insurance. When you die the financial hardship the family may have via your death will be negated by the insurance. It is there to replace the income of the other person and pay off debt.
Some more info on life insurance here:
»clarkhoward.com/shownotes/category/9/81/ and here:
»www.fool.com/personal-finance/in···ife.aspx
You can also talk to a fee based financial adviser who does not sell insurance to get ideas of good companies and an idea of how much you both need. My fathers financial planner actually did everything needed for my policy for a nominal fee ($50 or $75 I think). All I had to do was have a check up - the planner did everything else.
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Brian
"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain |
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raythompsontn
join:2001-01-11
Oliver Springs, TN
| reply to Nightfall
At your age you would be better off investing the money you would pay for life insurance.
Life insurance is used to pay for the final expenses and provide living money for family members. If you, or your spouse, die, the other could live OK on their income. You have no need to provide college funds, living expenses, etc. for other family members. |
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nightdesigns
Gone missing, back soon
Premium
join:2002-05-31
AZ
·Cox HSI
| reply to Nightfall
You may want to look into AD&D (Accidental Death and Dismemberment) insurance over regular insurance. It provides many of the same coverages as standard life insurance, but also covers things like if you lost a limb, or severely injured, etc. A little extra piece of mind for the unexpected.
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This Space for Rent... |
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ptrowski
Got Helix?
Premium
join:2005-03-14
Putnam, CT
clubs:
·AT&T DSL Service
 ·ViaTalk
| reply to rfhar
said by rfhar :... when you at the end of your normal life. As opposed to the end of our "abnormal" life?  |
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rfhar
The World Sport, Played In Every Country
Premium
join:2001-03-26
Buicktown,Mi
clubs:
| said by ptrowski :said by rfhar :... when you at the end of your normal life. As opposed to the end of our "abnormal" life? Yep, sometimes one must have a sense of humor. I should have typed lifespan.
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Whoever said that ignorance is bliss wasn't refering to a person with a computer at his fingertips!
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NGOwner
join:2000-11-21
Leawood, KS
·LINGO
| reply to nightdesigns
said by nightdesigns :You may want to look into AD&D (Accidental Death and Dismemberment) insurance over regular insurance. It provides many of the same coverages as standard life insurance, but also covers things like if you lost a limb, or severely injured, etc. A little extra piece of mind for the unexpected. Be careful with AD&D. The A is there for a reason. AD&D will not cover death from illnesses. In essence, AD&D covers sudden death, not protracted death.
[NG]Owner
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It is impossible to create an idiot-proof product. Humanity is simply too adept at churning out better idiots. |
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JoeBubba
join:2006-11-20
Farmingdale, NY | reply to Nightfall
Term is the way to go.
Check out SBLI if you can get it in your area. |
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AZwldcats
Ummm That's Right
join:2001-02-20
Tucson, AZ
clubs: | reply to Nightfall
www.zanderinsurance.com |
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