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Life insurance?
Anyone have recommendations on who to use? I used to have a substantial policy through my old employer but my new employer gives minimal, not even enough for a funeral. I hate to think of these things but I know I need to
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Posted 10/22/18 7:59 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Life insurance?
I have New York Life. Basic 20 year term. Had it before we were even married
DH has it through Allstate. Term and whole.
I would only advise looking Into more of a whole policy of you can swing it financially because it actually accumulates as $. With term , you just pay every month for that just Incase and then every 20 years you need a new policy , with new rates because you are older and it starts all over again. That’s why DH did both. 1/2 of it we actually accumulate $ and the other is extra safety net
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| Posted 10/22/18 8:20 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Life insurance?
First step should be to contact whoever you use for homeowners and see if you can bundle a policy.
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| Posted 10/22/18 8:58 AM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Life insurance?
You can shop around. I found a good term life insurance rate through AXA Equitable. Bought it when I was pregnant with my first.
Recently bought a whole life insurance policy through a guy that works for mass mutual. Whole life is expensive, but it will fund a special needs trust for my son when my DH and I both die. Had I not had a special needs son we would have been good with just the term insurance though.
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| Posted 10/22/18 9:07 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Life insurance?
Posted by CookiePuss
First step should be to contact whoever you use for homeowners and see if you can bundle a policy.
Yes you should get an agent. The agent will find you the best company to go through.
DH had to go through a different company than me at the time because his blood work wasn't as good as mine.
You want someone who knows the ins and outs- they can find you the best deal
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| Posted 10/22/18 9:09 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Life insurance?
Axa
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| Posted 10/22/18 10:40 AM |
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Life insurance?
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
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| Posted 10/22/18 1:57 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Life insurance?
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
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| Posted 10/22/18 2:44 PM |
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Re: Life insurance?
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
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| Posted 10/22/18 3:55 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Life insurance?
Select quote.com
Dh and I have substantial policies outside of work and they were the best priced.
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| Posted 10/22/18 6:26 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Life insurance?
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
You took the words out of my mouth. The return isn’t worth the investment. I’m sure someone on here can direct you on who to speak with but I always feel horrible when I hear people wasting money on whole.
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| Posted 10/22/18 6:28 PM |
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MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
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Life insurance?
We use AXA and have term policies.
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| Posted 10/22/18 6:44 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Life insurance?
me 
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| Posted 10/23/18 9:09 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Life insurance?
Posted by TwinMommyToBoys
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
my question as well.
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| Posted 10/23/18 9:14 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Life insurance?
Posted by MsSissy
Posted by TwinMommyToBoys
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
my question as well.
There are all sorts. There is Universal, Variable, Universal with a LTC provision, term with conversion, etc.
Typically your need for life insurance diminishes with age. Life insurance is used to cover a peril like the short fall of covering a mortgage or college should you pass away. Once you get to a certain age, your mortgage is paid and your kids are grown so you have less need for a payout at death. There are times were you may want insurance for estate planning and tax reasons.
The first step is to determine how much you have for premium and then how much coverage you need and for what. You don't want to by a whole life product with a benefit of $100k for all your premium dollars if you are trying to cover a 300K mortgage plus college and really need $750k in coverage which you can get for the same premium dollars.
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| Posted 10/23/18 9:27 AM |
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Smiles111
...
Member since 12/06 1905 total posts
Name:
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Re: Life insurance?
Thanks for this info, CookiePuss!
What if you still have (3) young kids? (At age 45)
Any suggestions on what to consider first with that?
I tend to be wary of trusting agents who may have a financial incentive on recommending a certain type of policy.
Posted by CookiePuss
Posted by MsSissy
Posted by TwinMommyToBoys
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
my question as well.
There are all sorts. There is Universal, Variable, Universal with a LTC provision, term with conversion, etc.
Typically your need for life insurance diminishes with age. Life insurance is used to cover a peril like the short fall of covering a mortgage or college should you pass away. Once you get to a certain age, your mortgage is paid and your kids are grown so you have less need for a payout at death. There are times were you may want insurance for estate planning and tax reasons.
The first step is to determine how much you have for premium and then how much coverage you need and for what. You don't want to by a whole life product with a benefit of $100k for all your premium dollars if you are trying to cover a 300K mortgage plus college and really need $750k in coverage which you can get for the same premium dollars.
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| Posted 10/24/18 1:15 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Life insurance?
Posted by Smiles111
Thanks for this info, CookiePuss!
What if you still have (3) young kids? (At age 45)
Any suggestions on what to consider first with that?
I tend to be wary of trusting agents who may have a financial incentive on recommending a certain type of policy.
Posted by CookiePuss
Posted by MsSissy
Posted by TwinMommyToBoys
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
my question as well.
There are all sorts. There is Universal, Variable, Universal with a LTC provision, term with conversion, etc.
Typically your need for life insurance diminishes with age. Life insurance is used to cover a peril like the short fall of covering a mortgage or college should you pass away. Once you get to a certain age, your mortgage is paid and your kids are grown so you have less need for a payout at death. There are times were you may want insurance for estate planning and tax reasons.
The first step is to determine how much you have for premium and then how much coverage you need and for what. You don't want to by a whole life product with a benefit of $100k for all your premium dollars if you are trying to cover a 300K mortgage plus college and really need $750k in coverage which you can get for the same premium dollars.
Anyone that sells insurance is going to make a commission from it...that is how they get paid for the job that they do.
A good agent with experience will be able to lay out all your options.
As far as what type of policy...there is no one right answer. Depends on lots of variables including what your outcome is too be and what other ways you can protect yourself from risk.
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| Posted 10/24/18 2:42 PM |
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Smiles111
...
Member since 12/06 1905 total posts
Name:
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Re: Life insurance?
Posted by CookiePuss
Posted by Smiles111
Thanks for this info, CookiePuss!
What if you still have (3) young kids? (At age 45)
Any suggestions on what to consider first with that?
I tend to be wary of trusting agents who may have a financial incentive on recommending a certain type of policy.
Posted by CookiePuss
Posted by MsSissy
Posted by TwinMommyToBoys
Posted by CookiePuss
Posted by TwinMommyToBoys
Thanks! We have all state but I’ll look around! I think we definitely are leaning towards whole life
There are lots of alternatives to whole life that would still be permanent insurance products. The "forced" savings of a whole life policy may look appealing but the rate of return is usually negative when you factor in inflation. Plus, it's an extremely expensive product.
What are some alternatives? I know nothing about insurance!
my question as well.
There are all sorts. There is Universal, Variable, Universal with a LTC provision, term with conversion, etc.
Typically your need for life insurance diminishes with age. Life insurance is used to cover a peril like the short fall of covering a mortgage or college should you pass away. Once you get to a certain age, your mortgage is paid and your kids are grown so you have less need for a payout at death. There are times were you may want insurance for estate planning and tax reasons.
The first step is to determine how much you have for premium and then how much coverage you need and for what. You don't want to by a whole life product with a benefit of $100k for all your premium dollars if you are trying to cover a 300K mortgage plus college and really need $750k in coverage which you can get for the same premium dollars.
Anyone that sells insurance is going to make a commission from it...that is how they get paid for the job that they do.
A good agent with experience will be able to lay out all your options.
As far as what type of policy...there is no one right answer. Depends on lots of variables including what your outcome is too be and what other ways you can protect yourself from risk.
Thank you
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| Posted 10/24/18 5:55 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Life insurance?
I want to add you can message me even if its just questions. I'm always here to help.
Knowledge is power and I have no prob advising about the differences.
GL
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| Posted 10/25/18 11:44 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: Life insurance?
Term with conversion to Long Term Care
or Universal with conversion to Long Term Care.
Whole life does not give you a good rate of return. You want to invest in your 401k and IRA in addition to insurance.
Message edited 10/25/2018 12:10:45 PM.
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| Posted 10/25/18 12:10 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Life insurance?
DH and I both have 15yr term policies through Allstate, DH also has a small supplimental policy his mom took out for him as a baby with National Benefit Life and we got a policy for DS through Gerber. We have our home and auto through Allstate, so it was very affordable with discounts and such.
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| Posted 10/25/18 12:53 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: Life insurance?
Posted by angelicd77
DH and I both have 15yr term policies through Allstate, DH also has a small supplimental policy his mom took out for him as a baby with National Benefit Life and we got a policy for DS through Gerber. We have our home and auto through Allstate, so it was very affordable with discounts and such.
why did you go with such a short term? When you are older it will be harder to get insurance. At 30 years old we got term to age 80 which was the longest possible term.
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| Posted 10/25/18 2:13 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Life insurance?
Posted by LSP2005
Posted by angelicd77
DH and I both have 15yr term policies through Allstate, DH also has a small supplimental policy his mom took out for him as a baby with National Benefit Life and we got a policy for DS through Gerber. We have our home and auto through Allstate, so it was very affordable with discounts and such.
why did you go with such a short term? When you are older it will be harder to get insurance. At 30 years old we got term to age 80 which was the longest possible term.
When we took it out we had just bought our home and thats all we could afford. We have the option to convert to whole life at any time during that term. We plan on doing so when we are in a better situation.
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| Posted 10/26/18 1:43 PM |
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