do you have life insurance?

[Omegachi]

i am thinking about getting life insurance, but am not sure which type is best for me. universal life sounds interesting though, since it will pay for itself after a while...

 

[FoBoT]

yes, term

keep your investments seperate from your insurance

http://clarkhoward.com/shownotes/category/9/81/

 

[49erinnc]

Originally posted by: FoBoT
yes, term

Same here. I took out a 20 year policy back when I was married and just opted to hang on to it after we split up. My premium is only around $350/annually but the policy is pretty small ($150K) since I don't have any kids right now. I'll definitely alter my policy and look more into an investment package when/if I have children. Kind of silly for me to even have it now but I figured I'd keep it since I'm locked in at my current rate.

 

[KentState]

When I was married, I had one through work for .5 million, but now that I'm single I save the money for other things. Don't really need anything except the 20k free one from work so that they can buy me a nice box and dig the hole in the ground if something happens.

 

[jimmyjam]

The lower price of a term policy may seem ok now, but it won't when your policy expires in 20 years. You are left with absolutely nothing, and you have to re-apply for a new policy at the new higher rates. The rates will be much, much higher, do to increase in the cost of insurance, inflation, as well as the fact that you will be rated as someone 20 years older. Also, if anything comes up health-wise in the next 20 years that will be factored in as well.

You should get a whole life policy to lock in at the low rate and then another policy that covers your mortgage if you have one. Don't buy only a term policy, you will regret it later in life.

 

[FoBoT]

you don't need life insurance "later in life" , once your kids are grown, what use is life insurance?

 

[jimmyjam]

Originally posted by: FoBoT
you don't need life insurance "later in life" , once your kids are grown, what use is life insurance?

I doubt that in 20 years, my children (who aren't even born yet) will be grown.

 

[tw1164]

Originally posted by: jimmyjam

Originally posted by: FoBoT
you don't need life insurance "later in life" , once your kids are grown, what use is life insurance?

I doubt that in 20 years, my children (who aren't even born yet) will be grown.

Just get a new policy

 

[FoBoT]

Originally posted by: jimmyjam

Originally posted by: FoBoT
you don't need life insurance "later in life" , once your kids are grown, what use is life insurance?

I doubt that in 20 years, my children (who aren't even born yet) will be grown.

then why do you need life insurance right now? if you are dead, who needs $ to replace your income? if you have no dependents, then why would you have life insurance?

 

[NogginBoink]

Originally posted by: Omegachi
i am thinking about getting life insurance, but am not sure which type is best for me. universal life sounds interesting though, since it will pay for itself after a while...

Why do you want life insurance? Is anyone other than you financially dependent on your income? If not, you don't need life insurance.

My wife just found out she's pregnant. That was the day I called and got myself a half-million dollar 30 year term life insurance policy. If I die, the loss of my income would be catastrophic to the wellbeing of my wife and soon-to-be kid. That's why I now have insurance.

And universal life insurance is univerally accepted as a ripoff by financial pros. http://articles.moneycentral.msn.com/In...heRagingDebateOverTermvsWholeLife.aspx is a starter link on the subject.

 

[NogginBoink]

Originally posted by: jimmyjam
The lower price of a term policy may seem ok now, but it won't when your policy expires in 20 years. You are left with absolutely nothing, and you have to re-apply for a new policy at the new higher rates. The rates will be much, much higher, do to increase in the cost of insurance, inflation, as well as the fact that you will be rated as someone 20 years older. Also, if anything comes up health-wise in the next 20 years that will be factored in as well.

You should get a whole life policy to lock in at the low rate and then another policy that covers your mortgage if you have one. Don't buy only a term policy, you will regret it later in life.

If I'm not wealthy enough to be self-insured in 30 years, I'm doing something wrong. By then I won't need life insurance. (Which is why a 30 year term policy is fine for me.)

 

[RossMAN]

Group universal life whatever through my employer.

Cost me around $4/mo for 7x my salary.