I need your help...Term life insurance (funds, pay, rates)
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I would like to know more about term life insurance, Today i got a Quote from a website. This is my first post that is why i
am not putting a clickable link www(dot) [Mod] No recommendations or advertising [/Mod] (dot)com. Can you please give me more information on this regard.
I need it urgent.
Thanks for your reply.
Last edited by 2goldens; 01-21-2009 at 07:32 AM..
Reason: Moved from CChat
Term is the only useful life insurance, anything else is simply a waste of money. There are many good policies available on the web. Do select a highly rated company and definitely compare rates closely. Do not select any company based purely on rates; remember that the company's financial position is YOUR security.
Term is the only useful life insurance, anything else is simply a waste of money. There are many good policies available on the web. Do select a highly rated company and definitely compare rates closely. Do not select any company based purely on rates; remember that the company's financial position is YOUR security.
I disagree-term is just renting your policy at least with a whole life policy you have an investment feature to the policy but it is more expensive and not everyone can afford whole life. Term life is just that, it is only good for a certain amount of time and they it is over. Insurance companies LOVE people to buy term life because they rarely have to pay out on them. They are very profitable for insurance companies. With whole live you WILL get paid out on it, it is just a matter of when. If you figure your premium costs over the policy and how much you get back it is a MUCH better deal then term ANY day.
Term life insurance is a great way to protect yourself and your dependants for little cost. It should not be looked at as more than that. Ultimately, you should reach a point in your life where your kids are grown and your house is paid for and thus the need for life insurance is gone. You ostensibly would have other investments that would provide income at this point.
Ignore golfgal and listen to Pilgrim and maciesmom. Term is the least expensive and most effective. Life insurance should never be used as an investment.
I agree with gimme3steps.
If you do the math whole life doesnt add up. the difference in premiums can be put in a different investment and you will get more money in the end.
what Maciesmom said is the perfect way to look at it.
"Term life insurance is a great way to protect yourself and your dependants for little cost. It should not be looked at as more than that. Ultimately, you should reach a point in your life where your kids are grown and your house is paid for and thus the need for life insurance is gone. You ostensibly would have other investments that would provide income at this point. "
Not only that if you talk to any financial adviser that gets paid by the hour not commision they will steer you away from whole life.
Term life insurance is a great way to protect yourself and your dependants for little cost. It should not be looked at as more than that. Ultimately, you should reach a point in your life where your kids are grown and your house is paid for and thus the need for life insurance is gone. You ostensibly would have other investments that would provide income at this point.
This what I was thinking.
If I get a 30 year policy @ 28 years old- by the time I am 58,
Another few years and I don't "need" life insurance anymore. Assuming by then I am getting close to retirement and other funds will start to become available to me.
My "best class" quote for a 30 year policy for 1,000,000 was about 60 a month.
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