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Talk to me about Life Insurance?

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monkeybride
My Everything

Member since 5/05

20541 total posts

Name:

Talk to me about Life Insurance?

I have been on DH about this and of course he has not followed up. His work policy isn't very much and now that I am not working I don't have mine through work anymore. We need to get on the ball with this but I have no idea where to begin.

Who should we go through?
How much is a good amount?
What's a good premium?

Posted 12/15/05 8:34 PM
 
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MrsR
My love.

Member since 5/05

6247 total posts

Name:
Jennifer

Re: Talk to me about Life Insurance?

it's always a good idea to call around for quotes. I have spoken to a lot of people about how much is good...the answer I seem to get most often is at our age - take as much as you can afford.

Posted 12/15/05 8:38 PM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: Talk to me about Life Insurance?

We got a Universal Life Insurance policy on DH last year. There are basically 3 kinds of life insurance:
Term: you pay for a set amount of time (like 20 years) and if nothing happens in that time you lose all the money. This is the least expensive route.
Whole: you pay as long as you want (no set end) but it's really expensive. And the premuium increases as you age.
Universal: it's very similar to whole, but not as expensive.

We took a policy for an amount where we felt I'd be ok financially if god forbid something happened to DH. It will pay off the mortgage and allow me some time to figure out where to live with the kids, arrange for day care, get a job, etc.

If your DH is healthy and doesn't smoke your premium will be lower.

Good luck! It was a tough decision for us.

Posted 12/15/05 8:40 PM
 

aliasPook
Blessed x 3

Member since 6/05

2460 total posts

Name:
Laurie

Re: Talk to me about Life Insurance?

I just actually bought policies for myself, Brian and Juliette, and I also bought one for my nephew. If you want, I can email you the agent's info. He is with Liberty Mutual. I also have my Homeowners with them.

Posted 12/16/05 6:02 AM
 

colesmom
Brady's mom too!

Member since 5/05

1989 total posts

Name:
Lea

Re: Talk to me about Life Insurance?

We got ours through Allstate. We did a term policy, $500K each and it costs us less than $65 a month. I really liked our agent - he came to the house twice and explained all our options and didnt pressure us into anything.

Posted 12/16/05 7:36 AM
 

anon
where's winter?

Member since 11/05

2209 total posts

Name:

Re: Talk to me about Life Insurance?

Message edited 2/8/2007 11:03:58 AM.

Posted 12/16/05 10:12 AM
 

meganNbobby
Our Family is Complete

Member since 5/05

2774 total posts

Name:
Megan

Re: Talk to me about Life Insurance?

we went with allstate,

we each have term $500K policy each, we pay $202 every 3 months

Posted 12/16/05 4:55 PM
 

Rycois
Blessed with 2blue/2pink

Member since 12/05

13341 total posts

Name:
J

Re: Talk to me about Life Insurance?

Posted by CathyB

We got a Universal Life Insurance policy on DH last year. There are basically 3 kinds of life insurance:
Term: you pay for a set amount of time (like 20 years) and if nothing happens in that time you lose all the money. This is the least expensive route.
Whole: you pay as long as you want (no set end) but it's really expensive. And the premuium increases as you age.
Universal: it's very similar to whole, but not as expensive.

We took a policy for an amount where we felt I'd be ok financially if god forbid something happened to DH. It will pay off the mortgage and allow me some time to figure out where to live with the kids, arrange for day care, get a job, etc.

If your DH is healthy and doesn't smoke your premium will be lower.

Good luck! It was a tough decision for us.



Sorry to bump an old post but I'm researching life insurance now and I wonder what the benefit to whole is if it's more expensive and gets more expensive with time?

Posted 1/8/08 2:28 PM
 

Smileyd17
kids

Member since 5/05

20997 total posts

Name:
Mommy

Re: Talk to me about Life Insurance?

I work for an ins company who sells it.
If you have any ques,feel free to ask. FM me.


[Quote]
Sorry to bump an old post but I'm researching life insurance now and I wonder what the benefit to whole is if it's more expensive and gets more expensive with time?


The benefit is that the premium will NEVER change and it will endow at age 100. The policy also builds cash value so if you actually ever wanted to borrow against your policy you could.

HTH

Message edited 1/8/2008 2:36:43 PM.

Posted 1/8/08 2:33 PM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: Talk to me about Life Insurance?

Posted by SweetCaroline

Posted by CathyB

We got a Universal Life Insurance policy on DH last year. There are basically 3 kinds of life insurance:
Term: you pay for a set amount of time (like 20 years) and if nothing happens in that time you lose all the money. This is the least expensive route.
Whole: you pay as long as you want (no set end) but it's really expensive. And the premuium increases as you age.
Universal: it's very similar to whole, but not as expensive.

We took a policy for an amount where we felt I'd be ok financially if god forbid something happened to DH. It will pay off the mortgage and allow me some time to figure out where to live with the kids, arrange for day care, get a job, etc.

If your DH is healthy and doesn't smoke your premium will be lower.

Good luck! It was a tough decision for us.



Sorry to bump an old post but I'm researching life insurance now and I wonder what the benefit to whole is if it's more expensive and gets more expensive with time?



Well, we took out a Universal not a Whole policy, but essentially you never lose the money you put into a whole policy. A term policy has a set end and any money you put in is gone if you don't need to cash in the policy.

Posted 1/8/08 2:35 PM
 

MommyofG
just the girls

Member since 5/05

9461 total posts

Name:
Janice

Re: Talk to me about Life Insurance?

we went with prime america. we had new york life and after doing some research found prime america to be the best for our needs. we have mutual funds instead of the whole life- get more for your money and a term for all 3 of us. if you have any questions feel free to FM- my DH is licensed/certified in this too.

Posted 1/8/08 2:39 PM
 

Rycois
Blessed with 2blue/2pink

Member since 12/05

13341 total posts

Name:
J

Re: Talk to me about Life Insurance?

Thanks all - geez, it really makes you feel like a grown up, doesn't it? Chat Icon

Posted 1/8/08 3:23 PM
 
 

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