All Life Insurance Tips

Why do you think life insurance is important?

There's various types of life insurance, including term, whole life, limited-payment life, and universal life, Which type of life insurance do you think you would choose in the future? Why?

Public Comments

1. We have a combination of three different types of policies. This way it is the cheapest but we get the bests of all three. We have term so we can pay the house and get the kids through college. Once those are done with we don't need it anymore. We have return of premium, which returns all of our premiums when the policy is over, and we have variable life which is in place forever but we ca borrow against the account if we need to. It work's great. We each have 600K and it runs about $180/month total
2. ♥ ♥ Life Insurance Coverage for Single Adults If you are single and do not own a home, your life insurance needs are probably not as high as they are at other stages of your life. If you are single, who would assume the burden of paying for your final costs if you were to pass away? This may fall to your parents, who have hopefully planned well for their retirement but are also likely to be living on a fixed income, one which does not take into account the possibility of you passing away before them. Single women often lack adequate life insurance coverage. Some studies show that as much as 64% of American women do not carry any life insurance. Many single women, especially those with children, may be on a tighter budget than dual-income couples, and as such, feel they can't afford life insurance. Life Insurance Needs for Married Couples Without Children If you are married, but don't have any children, you may also think you don't need life insurance coverage. It is still important to think about whether your spouse would be able to cover all costs if you were to pass away, especially if you own property or have large debts to pay off. If you do eventually decide to have children, remember to reevaluate your life insurance needs before your children are born. Life Insurance Needs for People who are Retired Life insurance needs may not be as high as they are at other stages in life for those that are newly retired. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa. If you are very ill before you pass away, you may incur significant health costs, many of which may be passed on to your spouse or children. Many seniors may have to live with a child if they are on their own and need help; and this may put a financial burden on the affected family members. There are also funeral costs to consider. It is important to ensure that your family members can recoup any financial losses after you pass away. Life insurance coverage is to protect you and your loved ones in the unfortunate circumstance that you pass away. Make sure anyone who relies on your income is covered, or that any debts you may possess will not be passed on to loved ones. Term life insurance is an affordable way to cover your needs at any stage of life, and offers the added benefit of letting you choose your coverage amount and term length.
3. I have term life now. That meets my needs, and my goals. If my goals change significantly, then I'll have to re-evaluate if term insurance is the best choice for me. I'm not expecting those goals to change significantly, though.
4. we carry none at all. that's because we're adults having only grown children, all of whom are taxpayers in their own right. most of the life insurance sales talk is pure malarkey, imo. What you're actually buying is a life style for your children or spouse should you die. If/when they don't need such 'protection', you don't need life insurance. Poverty doesn't harm children and needing to work isn't a severe hardship on a spouse. In fact, having reality strike people while they're growing up is probably beneficial in that they'll make fewer bad decisions as young adults. {The biggest and worst harm to a child is parents who don't care or are absent. A working single parent very plainly cares and is present doing what must be done for the family to succeed. That's a great example for kids while growing up.} *** Becoming disabled is actually about three times as likely as dying for anyone under age 55. Thus, disability insurance [until the kids are grown] is probably MORE important than life insurance. In a disability situation, your income plummets while your expenses rise. If you die, your family's income plummets, but they may be able to reduce expenses a few months down the road. *** Because of the temporary nature of the 'need' for life insurance, there is no reason to buy anything other than guaranteed renewable term insurance. And then stop buying it when the 'need' is over. [Same for disability.] {all other forms of life insurance are MUCH more profitable for the insurance company -- which thus pays agents a LOT more to sell them. It follows that the typical life insurance agent gets paid best to give you poor advice -- too much insurance and of the wrong kind -- because that puts food on his table and cash in his pocket.} does this help?
5. Not everyone's life insurance needs are the same. To meet one's financial / insurance goals, he/she may have one type of insurance or another, or maybe a combination of different types. I could tell you what kind I prefer for my particular situation, but it may not provide for your needs the same way. Term insurance is designed to cover a specific need or needs for a specified period of time; 10, 20, 30 yrs. Only 2-3% of death claims are paid by Term insurance. The reason is that the term policy expired, canceled, or was converted to Permanent insurance prior to the death of the insured. Permanent (Whole Life, Limited Pay, Universal Life) is designed to cover life insurance needs over the lifetime of the insured. These policies have non-forfeiture values, such as cash or loan values, reduced paid up insurance, or extended term coverage. In the event a financial delema should arise; loss of job, illness, injury, etc., and the premiums cannot be paid, the insurance can be kept in force by the non-forfeiture values, or have funds available to pay a bill, etc., from the loan value of the policy. Term insurance does not provide these non-forfeiture values. A lot of people purchase a combination or Permanent and Term to protect them in earlier years, plus have lifetime coverage for later years, after the need for Term is eliminated. Doesn't this make sense? What you need to do is call a LOCAL agent, and have him/her do a free Financial Need Analysis (FNA), or other Total Need program, to help you determine in your own mind the types, and amounts of life insurance you need to reach your personal goals for protection. The FNA will also help you determine if you need Disability Income Insurance to provide an income if you get injured or ill and can't work. It will also help you determine if you need an Individual Retirement Account (IRA). According to statistics, disability is a greater risk than death proir to the age of 65. I, personally, fall within those statistics.
6. Level Term Insurance: Its like insurance for a car or a house, you crash the car they(insurer) pay, house burns down they(insurer) pay, A person dies they(insurer) pay :). You only need one life Insurance Policy the guy that said he has 3 different policy is 100% correct. Why would you want in insurance that covers your whole life??? im going to explain briefly, In your picture you look young :) which is good cuz you'll get the cheapest price. i could go on and on but your prolly bored out your mind! * You want life insurenace to pay off your bills and funeral expences, does your family have the money to burry you appropriately? any other Q's myspace me and i'll give you my email haha myspace.com/o67
7. Life insurance is only important if there is someone who is dependent and would suffer financially if you were dead. The type of life insurance you should choose is dependent on what your needs are.....if you only need coverage for a limited number of years, a term policy may give you the coverage you need at the lowest possibly cost. If your needs are more permanent, you may want to look at a universal life policy.