Life Insurance

[MudHog]

With the newest addition to my family I'm going through my life insurance and getting everything up to par. Before I had a life policy just to get me a multi-line discount, but now I want the proper coverage. I called my agent at State Farm and was quoted the following:

Lane - 150k total coverage with a 100k 20 yr term and a 50k universal life for $60.49/month.

Nicole - 100k 20 yr term for $20.19/month.

Aubrie - 25k universal life for $14.83/month.


On my universal life coverage in 15 years I would have accumulated $6,190 in cash value that would be mine.


I'm not worried about the dollar amounts, but more concerned about term vs. universal coverages. Can someone give me some feedback on this?

[rolo]

Buy term.

[Don Miller]

Buy term.

+1 at least that's what Dave Ramsey says.

[booger]

I just got some 100K, 20 year term, guaranteed renewal at $214 per year, for a healthy male 43 years old. from Select-Quote, which the actual policy was by being Mutual of Omaha (best offer).

I like Dave Ramsey and initially tried Zander, it was a fiasco, missed calls, poor communication, then they gave me an outrageous quote because of liver enzymes being too high. I balked and they began to check on this-n-that, then call me back, wanted to draw blood again, and I'm leaving out half of it, it was ridiculous.

My select-quote guy was Brian Van Valin 1-800-758-6896. They showed up, on time, drew blood, no problems, no enzyme issues, gave me several companies to choose from & done deal.

[Seymore]

Please look into long term disability insurance above and beyond your group policy at work. There is a much greater chance of needing the disability insurance than the term life. I think the averages say 1 in 5 will have a long term disability before reaching retirement age that lasts a year or longer.

I speak from experience. Don't neglect this.

[Drakeshead]

Just go see your recruiter and join the Guard.

SGLI (Service Group Life Insurance)
Me $27 a month for $400,000
Wife $9 a month for $150,000
Kids $0 a month for $50,000

[novacaine]

Term on you and wife as well as disability on you.
I never agreed with taking out life insurance on a child.
But thank goodness you are considering jacking your insurance up with the arrival on little one.
You would be amazed at the number of fathers that don't have life insurance on themselves and spouse. It's a low down dirty shame when you hear of someones death and find out that the family (that they said they loved) they left behind is destitute.

[MudHog]

Term on you and wife as well as disability on you.
I never agreed with taking out life insurance on a child.
But thank goodness you are considering jacking your insurance up with the arrival on little one.
You would be amazed at the number of fathers that don't have life insurance on themselves and spouse. It's a low down dirty shame when you hear of someones death and find out that the family (that they said they loved) they left behind is destitute.

Yeah, life insurance was the 2nd thing I thought of. First thing was lifetime hunting and fishing license.


I'm going to find out tomorrow about disability coverage and see what the costs are for that.

[MemphisStockBroker]

Term on you and wife as well as disability on you.
I never agreed with taking out life insurance on a child..

Poor advise.

ask those on this board who have lost children, how it effected them.
it is one of the worst things that could ever happen to a parent.
the insurance on the child is for the surviving parents.... to get them
through the hell of losing a child.

Call me and I will give you the good and bad on your insurance....

[RiverDuck]

Term on you and wife as well as disability on you.
I never agreed with taking out life insurance on a child.
But thank goodness you are considering jacking your insurance up with the arrival on little one.
You would be amazed at the number of fathers that don't have life insurance on themselves and spouse. It's a low down dirty shame when you hear of someones death and find out that the family (that they said they loved) they left behind is destitute.

Why not???

Nobody wants to get rich becuase of a death in the family, but at the same time paying for a childs funeral could really crush a family financially. I think there was a guy on here(Cwink maybe?) who had to face the unfortunate death of a little one, and his exact words were that it almost broke their family from a financial standpoint! Minimally you need to have enough life insurance on a child to pay for a funeral.

[Faithful Retrievers]

I sale alot of life insurance and your right alot of time its for multi line discount, but its never my intent just sometimes thats the only way to get someone to realize they need it, especially the younger generation. I try to sale as many juvenille policies as possible and you would be surprised the amount of people that don't want one for 7 bucks a month. People have a hard time taking out life on a kid, but look at it as if something were to happen before the time he/she wants to purchase their own they have coverage that can't be terminated. That could be a serious illness or just over weight. Its a good investment period. People only want life insurance when they realize they need it and its usually too late. I commend you and wish there were more people like you and I just don't mean my customers! I have personally seen the effects of having coverage and not. Myself personally have 500,000 term and 150,000 variable. At a young age I would like to see a 30 year term high limit because that span would be the most important time if something were to happen an any good policy is covertible once you have a good nest egg. There are hundreds of theories on this. Also the thought that I have it at work is not good especially right now when most don't know if they will be working next week. I would recommend working with someone locally and not just someone that has a quota.

[Deltaquack]

For Life Insurance get Term. The plan is usually to have enough in retirement and such to be self insured with everything else paid off by the time the term is up.

As for disability, look at own occupation. With those policies if you were to get hurt in a way that you couldn't do the job you were doing.....you could work doing something else and still draw disability.

[patrickfarms]

Just go see your recruiter and join the Guard.

SGLI (Service Group Life Insurance)
Me $27 a month for $400,000
Wife $9 a month for $150,000
Kids $0 a month for $50,000

+1 and you get a yearly physical at no additional charge, which I have seen to be a life saver on the over 40 group, 4 real!

[patrickfarms]

Term on you and wife as well as disability on you.
I never agreed with taking out life insurance on a child.
But thank goodness you are considering jacking your insurance up with the arrival on little one.
You would be amazed at the number of fathers that don't have life insurance on themselves and spouse. It's a low down dirty shame when you hear of someones death and find out that the family (that they said they loved) they left behind is destitute.

Why not???

Nobody wants to get rich becuase of a death in the family, but at the same time paying for a childs funeral could really crush a family financially. I think there was a guy on here(Cwink maybe?) who had to face the unfortunate death of a little one, and his exact words were that it almost broke their family from a financial standpoint! Minimally you need to have enough life insurance on a child to pay for a funeral.

You should get life insurance on your children, from the voice of experience. Fortunately my insurance plan covered us, check on it.

[rustypjr]

We have life insurance on our son (2) and will have it on our little girl who will be here in oct. It is also great to have it because if they (granted I hope it does not happen) get some sort of disease they might no t be able to get insurance down the road. I know with the policies we have they have to offer it at certain ages no matter what. So i know that my son will always have insurance. just my .02