Life Insurance Advice (funds, million, credit, mortgage)
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Hrlello. I'm looking for advice. My husband and I have three children ages 11 - 15. My husband will be 50 yrs old in several months. He is the "bread winner" and we're looking to purchase a policy for our family. I already have my own whole life policy through Metlife which was purchased long ago when I was 21 yrs old.
From our research, it seems that a term life insurance policy is the best way to go considering he's in his 40s and about to hit 50. I've seen good reviews on NY Life, USAA, and a few others. We want to keep the monthly premium under $100. Any advice or feedback is greatly appreciated.
You probably want to sit down with an agent and discuss details such as -do you own a home? do you have retirement savings? do you have funds set aside for college? do you have any significant liabilities...mortgage, car loans, credit cards, student loans, etc.?
Just be careful to look and understand before you leap. These insurance people are SALES people and their first priority is what makes THEM the most money; not what fits your needs best. Gather the information, review it with someone who understands what you are looking at, and then make a decision. Stick with companies which have at least a "AA" rating (used to be AAA, but not sure if there are any of those left). Only one I know which 'seems' to be on the rocks is Genworth, but they continue in business and are still writing policies. Maybe there is a 'deal' to be had...maybe.
A $1,000,000, 20-year term life insurance policy for a 50 year old man is around $170 per month or $89 for $500,000. With children, mortgage, and other expenses, I would go with $1,000,000. I'm retired and financially secure and no longer need life insurance.
Thank you, Ted Bear. That's who I'm hoping to find... an honest and sincere agent who can lead us in the right direction. I just contacted someone from NY Life Insurance bc the reviews overall that I've read are honest and they're listed as a A++ company.
i got a quote through selectquote. i wouldnt contact a company directly, who knows if they have the best price? unless you want the work of applying with multiple companies to compare prices, id go with a broker.
i got a quote through selectquote. i wouldnt contact a company directly, who knows if they have the best price? unless you want the work of applying with multiple companies to compare prices, id go with a broker.
This is what I did as well, and got a great term life policy through one of the companies Selectquote found for me.
i just picked up a $3 million/20 year term policy using selectquote. the policy is with mutual of omaha. annual premium is 1,232.50 (~$102/month). i have no complaints about the experience.
I just filled out the form for Selectquote. Thank you. I understand that they give you price comparisons but one still has to research which companies are the best/most reputable, yes?
From our research, it seems that a term life insurance policy is the best way to go
Yes you want term. Don't touch those cash value policies with a 10 foot pole. Term will cost you only about 5 cents on the dollar. Invest the rest. You'll thank yourself for years to come.
Someone suggested that you go to an insurance agent to discuss the details. That's couldn't be a worse mistake. Any insurance agent is just going to try to sell you a cash value policy because that's what makes them the most money. Trust me you want term life! Don't listen to insurance agents. Go to a disinterested financial planner who is not paid on commissions if you are having doubts.
yeah, you definitely don't want to sit down with an agent. sitting down with a financial planner could also be risky. they are selling you on their service also which could come with an annual fee (% of your assets). that could be what you need but you should figure out what you need independently of the person that is trying to sell you on their services.
as far as checking on the quality of the company you are ultimately going to go with, that couldnt hurt. you could probably request something from the selectquote broker. the select quote broker wants you to take a policy but doesn't necessarily care which company you choose.
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