Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The standard rating are by AM Best. You can get the basic letter rating by entering the company name on insure.com. Given the turmoil that has lately been hitting insurers it might be prudent to do more than just the basics.
In general whole life has some limitations. You really ought to consider WHY you are buying insurance and what you want to achieve from your expenditure. Many public libraries have the Consumer Reports newsletter called "Money Advisor" it would be prudent to find the issue that deals with life insurance options.
I already have term life. I know whole life can be a waste of money, but after doing some reading, I think I might be okay with buying a very small whole life policy. I am open to any suggestions or advice you may have. We current have workplace insurance that's free. Please advise. In themeantime, I'll check out insure.com
Whole life is NOT a good buy, you need to learn about the upfront costs, the reduced payout and the FIXED costs of issuing a policy. It's likely that you can get 5 X the amount of insurance (which is what you're buying) for the same money with a term policy.
Buy a term policy and WORK YOUR PERSONAL FINANCIAL PLAN to become "self insured" by the time the term is over! That's what we did. We have not had life insurance for 15 years, haven't needed it.
Whole life is NOT a good buy, you need to learn about the upfront costs, the reduced payout and the FIXED costs of issuing a policy. It's likely that you can get 5 X the amount of insurance (which is what you're buying) for the same money with a term policy.
Buy a term policy and WORK YOUR PERSONAL FINANCIAL PLAN to become "self insured" by the time the term is over! That's what we did. We have not had life insurance for 15 years, haven't needed it.
I already have term life. I know whole life can be a waste of money, but after doing some reading, I think I might be okay with buying a very small whole life policy. I am open to any suggestions or advice you may have. We current have workplace insurance that's free. Please advise. In themeantime, I'll check out insure.com
Why would you think that whole life is a waste of money, term is a waste of money but not whole.
Quote:
Originally Posted by golfgod
kinkytoes wrote about buying;
Why would you buy a "small" policy?
Whole life is NOT a good buy, you need to learn about the upfront costs, the reduced payout and the FIXED costs of issuing a policy. It's likely that you can get 5 X the amount of insurance (which is what you're buying) for the same money with a term policy.
Buy a term policy and WORK YOUR PERSONAL FINANCIAL PLAN to become "self insured" by the time the term is over! That's what we did. We have not had life insurance for 15 years, haven't needed it.
golfgod
I am glad you don't need life insurance but many people do and your advice is way off base. Why don't you think whole life is a good idea? What about the fees you paid for your personal financial plan? Those aren't free either.
Why would you think that whole life is a waste of money, term is a waste of money but not whole.
I am glad you don't need life insurance but many people do and your advice is way off base. Why don't you think whole life is a good idea? What about the fees you paid for your personal financial plan? Those aren't free either.
What makes you think people pay fees for their financial planning? I can't speak for golfgod but our plan is the same as his, to be self insured in a few years, about the same time our term policy expires. We haven't paid a penny in fees to get there, why would we??
What makes you think people pay fees for their financial planning? I can't speak for golfgod but our plan is the same as his, to be self insured in a few years, about the same time our term policy expires. We haven't paid a penny in fees to get there, why would we??
There are fees in your term policies, there are fees in your mutual funds, IRA's, whatever. EVERYTHING has a fee, some are just not as obvious. If you can self-insure, GREAT, but most can't and what happens if you can no longer contribute to whatever fund you are using to self-insure, what do yo do then? I am not saying it isn't possible but I am curious what you have set up and how you will deal with any changes to your plan--mainly I am just nosy really.
Question:
With term insurance, if you die after the (say 30 years), you have nothing, right? - but with whole life, your heirs would get the benefit, right?
Question:
With term insurance, if you die after the (say 30 years), you have nothing, right? - but with whole life, your heirs would get the benefit, right?
Correct
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Life Insurance
