Life Insurance

[Amber]

I dont have life insurance. I think I should get some, but I'm clueless about how to go about finding the best deal/option.I know some people are pretty emphatic that the whole life insurance is a waste of money, however, other people say its better to have life insurance than having to think of financial problems in case of emergencies happen that you cannot attend to in some other reason. Also, how do you go about finding it? Are internet sites reliable? Do you get a better rate if you get your life insurance through the same company as your home or car insurance?


Thanks for any suggestions!

Ms.Amber

 

[James]

I dont have life insurance. I think I should get some, but I'm clueless about how to go about finding the best deal/option.I know some people are pretty emphatic that the whole life insurance is a waste of money, however, other people say its better to have life insurance than having to think of financial problems in case of emergencies happen that you cannot attend to in some other reason. Also, how do you go about finding it? Are internet sites reliable? Do you get a better rate if you get your life insurance through the same company as your home or car insurance?


Thanks for any suggestions!

Ms.Amber

Just be careful you hit the right quote button or you'll end up accidently buying a health plan.

I'm plus many here are big fans of using a local agent that has some expierence and I would offer willing to do a thorough life needs analyzes before placing you in a life contract.

 

[Guest]

dont have life insurance. I think I should get some, but I'm clueless about how to go about finding the best deal/option.I know some people are pretty emphatic that the whole life insurance is a waste of money, however, other people say its better to have life insurance than having to think of financial problems in case of emergencies happen that you cannot attend to in some other reason. Also, how do you go about finding it? Are internet sites reliable? Do you get a better rate if you get your life insurance through the same company as your home or car insurance?

1. You can get on-line quotes for whole life from State Farm. Once you get a quote, it will ask you if you want to create an "illustration." Answer that you would like to.

2. You can get on-line quotes from Prudential for Universal Life. (Just Universal, at least when I tried).

3. Do a ton of Google searches. assume each of these was a different search term.

3.A. Universal Life Insurance.
3.B. Variable Universal Life Insurance.
3.C. Whole life insurance.
3.D. Term life insurance.
3E. Problems with . .. then fill in 3.A. above
3F. Problems with ... 3.B.
etc. advantages of 3.A
3.G. Borrowing from a cash value life insurance policy
3.H. Advantages of a cash value life insurance policy.
3.I. Taking money out of a cas value life insurance policy.

If you do all this, you will become a mini expert..

THEN do research on riders. a)Waiver of premium for dissability, b) Long term care, c) Critical illness or accelerated benefits, d) guaranteed insurability option.

4. You must then read the Life Insurance forum. There is not that much. I would suggest dending on how serious you are, to read the whole thing.

After you have done all your homework, believe me do it first, it will be so much better for you as you can ask pointed questions, take James up on his offer offer.

I'm plus many here are big fans of using a local agent that has some expierence and I would offer willing to do a thorough life needs analyzes before placing you in a life contract.[quote]

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[NHB_MMA]

I dont have life insurance. I think I should get some, but I'm clueless about how to go about finding the best deal/option.

If you're clueless then find an agent. It's good to read up by way of the internet but get an agent. You do not want to overpay for your insurance, but I think it is more important to feel comfortable with the agent you are dealing with and the company than the rate itself. I'm not saying don't give any consideration to premium, but find someone that knows what he is doing. Price is not everything when buying insurance, although I'm sure some here will argue that.

For example, I represent a large company you've undoubtedly heard of or seen TV commercials advertising it. An agent I know from my company was telling me he was comparing a 500K term policy for a man around age 40 with one he could offer. The company the man had the policy through was with another company you undoubtedly hear commercials advertising it. The policy with my company was $6 more per month. However, the existing policy had a provision that said if it was to be converted to permanent coverage it could only be converted for a whole life policy in the entire face amount. 500K of whole life policy for a 40 year-old is not cheap. The policy my company offered allowed for partial conversion of any amount of any type of permanent coverage (whole life, universal life, and I think even variable universal life). It is certainly possible that a person will want to retain some amount of life insurance and exercise such a provision. It is rare that a person at that age would readily opt to convert the entire amount into whole life, so the conversion privilege was almost worthless. Which policy was better? There is no simple right or wrong answer. It depends on what options you like available to you and how important $6 in premium is to you.

The important thing is that someone explains all that information to you and lets you decide. You will likely not get that from a dot com.