Big Country Posted June 7, 2006 Share Posted June 7, 2006 What are some reputable companies, etc. that I should consider.. i.e., assuming I do not personally know anyone in the insurance game that I trust, how can I know I am not getting scammed or talked into a policy that is not right for me? Any good resources on the right questions to ask to determine what is the best type of insurance for me? Quote Link to comment Share on other sites More sharing options...
SuperBalla Posted June 7, 2006 Share Posted June 7, 2006 I was just told today that my 36 year old cousin has aggressive intestinal/colon cancer. The family thought he just had a bad case of the flu for the past month. He has a 10 day old son. He has no life insurance. If you are expecting kids, or already have them, and do not own long-term disability insurand AND life insurance, go get them IMMEDIATELY! Wife and I both are insured and we started lil' Balla a 529 college fund. Quote Link to comment Share on other sites More sharing options...
dread Posted June 7, 2006 Share Posted June 7, 2006 Get it while you're young...it's much cheaper. Seems kind of spendy at first but normally it's cheaper than car insurance and homeowners. Your family is worth it. Hope all goes well for your cousin and his family. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 7, 2006 Share Posted June 7, 2006 Get it while you're young...it's much cheaper. I'm not sure this is true for term insurance. The cost usually increases everytime you reach a new age group (30-34, 35-39). Maybe that's how Whole Life works Quote Link to comment Share on other sites More sharing options...
NSab Posted June 7, 2006 Share Posted June 7, 2006 Who is the Huddle insurance agent? Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted June 7, 2006 Share Posted June 7, 2006 Wow! I had no idea it was that cheap. I lose that much every month out of pockets that aren't deep enough. I'll have to get that kicking. So, that's "term life insurance"... meaning that after the term is up, it's worth nothing? Is that what I want? You should probably talk to someone that knows what they're talking about so you get the right amount of coverage, because it depends on several things that are specific to you. Income, amount of children, mortgage payments, etc. Just make sure you talk to someone you can trust, and not an insurance salesman, as he'll most likely try to oversell you. Quote Link to comment Share on other sites More sharing options...
Big John Posted June 7, 2006 Share Posted June 7, 2006 Who is the Huddle insurance agent? lkirc is one, but hasn't posted in a while. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted June 7, 2006 Share Posted June 7, 2006 I have a rather large term policy. My wife has a smaller policy. I have also set up two trusts for each of my children. One of them will be available to them when they reach the age of 25, and the other at that age of 35. They also have 529 plans. My children and my wife are well taken care of in the event that anything should happen to me. Quote Link to comment Share on other sites More sharing options...
Down Goes Frazia Posted June 7, 2006 Share Posted June 7, 2006 Mrs. Frazia and myself are both worth more dead than alive. We're not covered like unateve ........ but about 1/2 million a piece. my premium is abit higher than Mrs. Frazia's due to my past smoking habits ..... cholesterol, etc.... but we find a way to pay it. Quote Link to comment Share on other sites More sharing options...
dread Posted June 7, 2006 Share Posted June 7, 2006 I'm not sure this is true for term insurance. The cost usually increases everytime you reach a new age group (30-34, 35-39). Maybe that's how Whole Life works You are correct...whole life is initially more expensive than term, but normally for whole life the premium will not change so when you're 55 you'll still be paying the same premium as you paid when you opened the policy. Also built into whole life policies are investment vehicles to help fund the policies and if they are allocated correctly can be used to subsidize premium, increase the face amount, purchase paid-up insurance, or be borrowed against. Term policies will start out with a lower premium but as the insured gets older the premiums will normally increase. Some term policies have a decreasing face value so the premium will stay the same but the death benefit will decrease. One reason people choose this is they'll get it to cover the amount they owe on their mortgage. As you pay down your mortgage the amount of life insurance coverage you need will decrease as well. If you want to keep the same face value over the life of the policy your premiums will increase due to mortality rate increasing as the insured gets older. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted June 7, 2006 Share Posted June 7, 2006 Now... I've seen a lot of movies... If I get good life insurance, does that mean that my wife is more likely to try to kill me and make it look like an accident? Well that's ONE of the reasons she will most likely bump you off. Yes. Quote Link to comment Share on other sites More sharing options...
Down Goes Frazia Posted June 7, 2006 Share Posted June 7, 2006 (edited) I have also set up two trusts for each of my children. One of them will be available to them when they reach the age of 25, and the other at that age of 35. ditto. We are very lucky in this regard. when the frazettes we're born.... Mrs. Frazia boss ( a very successful investor)..... set up two accounts for them. as part of her contract with him...... he agreed to match WHATEVER we put in there each month..... it's been going now for 5-1/2 year since the day they were born..... actually started before the kids were here. they each have about 15K right now. Edited June 7, 2006 by Down Goes Frazia Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted June 7, 2006 Share Posted June 7, 2006 both the wife and i have 500,000 .... 200 a year from here and 390 for me Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 7, 2006 Share Posted June 7, 2006 both the wife and i have 500,000 .... 200 a year from here and 390 for me I didn't realize not being able to spell created such a hefty premium. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted June 7, 2006 Share Posted June 7, 2006 I have also set up two trusts for each of my children. One of them will be available to them when they reach the age of 25, and the other at that age of 35. They also have 529 plans. My children and my wife are well taken care of in the event that anything should happen to me. ditto Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted June 7, 2006 Share Posted June 7, 2006 How much should I get? How much does it cost? here's the best answer: You should probably talk to someone that knows what they're talking about so you get the right amount of coverage, because it depends on several things that are specific to you. Income, amount of children, mortgage payments, etc. Just make sure you talk to someone you can trust, and not an insurance salesman, as he'll most likely try to oversell you. I remember I think spain started a term vs. whole life thread maybe 5 years ago. Wiegie for sure and sacrebleu or voltaire or uncle steve made very compelling srguments that my death should be like a lottery to my family. I'm insured for $1,000,000.00. As a smoker in otherwise good health I pay $143.00 a month. I'd pay 1/2 that if I could quit smoking. You eat too much cheese. True but at some point quility of life becomes an issue. What are some reputable companies, etc. that I should consider.. i.e., assuming I do not personally know anyone in the insurance game that I trust, how can I know I am not getting scammed or talked into a policy that is not right for me? Any good resources on the right questions to ask to determine what is the best type of insurance for me? My Dad told me that if I knew the company's name that was the best place to start. You want a company that has been doing life insurance forever. I went with Mass Mutual but there were about 5 or 6 I looked at. Mass Mutual was cheapest for me. Quote Link to comment Share on other sites More sharing options...
muck Posted June 7, 2006 Author Share Posted June 7, 2006 (edited) LT Disability ... NO QUESTION about it ... the BEST plan is offered by The Guardian. If you have a policy from another firm, look into getting one from The Guardian. If you do not have a policy, there is (probably) absolutely no need to shop around. Everyone in the insurance business that I trust whom I've ever talked about LTD policies has always said that I have the best policy around. And, I've talked to several different agents. IMO, anyone who tells you that their policy is better than The Guardian's is either lying or selling a very new policy (as I just asked an agent this question about 4 months ago). Edited June 7, 2006 by muck Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted June 7, 2006 Share Posted June 7, 2006 LT Disability ... NO QUESTION about it ... the BEST plan is offered by The Guardian. If you have a policy from another firm, look into getting one from The Guardian. If you do not have a policy, there is (probably) absolutely no need to shop around. Everyone in the insurance business that I trust whom I've ever talked about LTD policies has always said that I have the best policy around. And, I've talked to several different agents. IMO, anyone who tells you that their policy is better than The Guardian's is either lying or selling a very new policy (as I just asked an agent this question about 4 months ago). That's what we have as well. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted June 7, 2006 Share Posted June 7, 2006 LT Disability ... NO QUESTION about it ... the BEST plan is offered by The Guardian. If you have a policy from another firm, look into getting one from The Guardian. If you do not have a policy, there is (probably) absolutely no need to shop around. Everyone in the insurance business that I trust whom I've ever talked about LTD policies has always said that I have the best policy around. And, I've talked to several different agents. IMO, anyone who tells you that their policy is better than The Guardian's is either lying or selling a very new policy (as I just asked an agent this question about 4 months ago). I'll check that out. Thanks. Quote Link to comment Share on other sites More sharing options...
Coffeeman Posted June 7, 2006 Share Posted June 7, 2006 First, I'm very sorry to hear that about someone so young - my best, most optomistic hopes for your whole family. At the risk of sounding like a commercial, there is a new product called Critical Illness Rider (CIR for short) that can also help fill in the holes between the standard life and LTD policies. It helps pay all sort of expenses for those dealing with a prolonged bout with cancer and other things - whether you can still work part-time or not. Treatments, travel/extended stay for you and family at hospitals and hotels, home payments, etc. Not many companies offer it yet, but I know Farmers does. Good luck. Quote Link to comment Share on other sites More sharing options...
muck Posted June 22, 2006 Author Share Posted June 22, 2006 ...an update... The cancer is in his liver, too. Quote Link to comment Share on other sites More sharing options...
wiegie Posted June 22, 2006 Share Posted June 22, 2006 ...an update... The cancer is in his liver, too. How much are you guys paying for LT disability? I looked into it when I bought my life insurance last year and it was priced well well above what I thought it would cost. fwiw, I know some people here listen to Dave Ramsey and I think he suggests getting LT disability insurance when you turn 50. Quote Link to comment Share on other sites More sharing options...
Czarina Posted June 22, 2006 Share Posted June 22, 2006 ...an update... The cancer is in his liver, too. So sorry Muck. That's bad. Really bad. Quote Link to comment Share on other sites More sharing options...
KevinL Posted June 22, 2006 Share Posted June 22, 2006 How much are you guys paying for LT disability? I looked into it when I bought my life insurance last year and it was priced well well above what I thought it would cost. fwiw, I know some people here listen to Dave Ramsey and I think he suggests getting LT disability insurance when you turn 50. $20 per month through work, gets me 60% of my pay for as long as I would be disabled. And I think you're thinking about Long Term Care (nursing home) insurance. Ramsey recommends LT Disability for everybody. Quote Link to comment Share on other sites More sharing options...
Big John Posted June 22, 2006 Share Posted June 22, 2006 ...an update... The cancer is in his liver, too. Not good at all Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.