G
Guest
Guest
Hello,
James wrote the following treatise
Anyway it discusses buying DI and LI contracts (separate contracts, not a DI rider to a life insurance policy). So it got me to thinking.
Is there any standard recommended approach to which policies a person should generally buy first. What I mean. You buy a car, obviusly you will buy auto insurance, a home, homeowners insurance.
But now let's say you get married. You are young, in your 20's. You have a modest income, just starting out as a couple.
Well upon marriage do you buy insurane? Or is it just when the wife gets pregnant. Now, how much should be budgeted for a premium (as a % of discretionary income or a % total income). What do you buy as your first policy DI or LI? Does the DI take priority over the LI or vice versa. What are the deciding factors to be considered over which policy gets the priority (remember young people in their 20's, not alot of money).
At what point in time or at what age, or stage in life does one buy DI. At what point LI. Are there deciding parameters or guideliness if a person can only afford one or the other? If a person can afford both, but not this year lets say one this year, the other one in 3 or 4 years, which should come first? Why?
How about LTC, at what point is the LTC competing with DI and LI dollars.
Thanks.
James wrote the following treatise
starting about two-thirds down the page.
Anyway it discusses buying DI and LI contracts (separate contracts, not a DI rider to a life insurance policy). So it got me to thinking.
Is there any standard recommended approach to which policies a person should generally buy first. What I mean. You buy a car, obviusly you will buy auto insurance, a home, homeowners insurance.
But now let's say you get married. You are young, in your 20's. You have a modest income, just starting out as a couple.
Well upon marriage do you buy insurane? Or is it just when the wife gets pregnant. Now, how much should be budgeted for a premium (as a % of discretionary income or a % total income). What do you buy as your first policy DI or LI? Does the DI take priority over the LI or vice versa. What are the deciding factors to be considered over which policy gets the priority (remember young people in their 20's, not alot of money).
At what point in time or at what age, or stage in life does one buy DI. At what point LI. Are there deciding parameters or guideliness if a person can only afford one or the other? If a person can afford both, but not this year lets say one this year, the other one in 3 or 4 years, which should come first? Why?
How about LTC, at what point is the LTC competing with DI and LI dollars.
Thanks.